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Belt and Road provides exporters with a brief analysis of political and economic risks for the countries under the Belt and Road Initiative.

09.09.2020

Dominica

Key Information

Capital		Roseau
Population		0.07 million
Area		751 sq km
Currency		East Caribbean Dollar (fixed rate with USD, 1 USD = 2.70 XCD)
Official language		English, French Patois
Ease of doing business by World Bank		# 111 out of 190 in 2020 (↓8)

Source: CIA – The World Factbook

Political Highlights

Economic Trend

*Estimate ^Forecast
Source: International Monetary Fund (IMF)

HKECIC Underwriting Experience

The Hong Kong Export Credit Insurance Corporation (HKECIC) imposes no restriction on covering Dominica buyers. In the past 12 months (from September 2019 to August 2020), there was no insured business on Dominica.

Please click here to download the charts (PDF format).

Last update: 9 Sep 2020

28.08.2020

Mauritania

Key Information

Capital		Nouakchott
Population		4.4 million
Area		1,030,700 sq km
Currency		Ouguiya (1 USD = 379.22 MRO as of 28 August 2020)
Official language		Arabic
Ease of doing business by World Bank		# 152 out of 190 in 2020 (↓4)
The Global Competitiveness Index by the World Economic Forum		# 134 out of 141 in 2019 (↓3)
Logistics Performance Index by World Bank		# 135 out of 160 in 2018

Top three export markets (% of total, 2019)		Top three import markets (% of total, 2019)
China (24.1%)		South Korea (16.0%)
Eswatini (8.9%)		Norway (7.3%)
Mali (8.2%)		UAE (6.0%)

Source: Economist Intelligence Unit (EIU)

Political Highlights

Economic Trend

*Estimate ^Forecast
Source: International Monetary Fund (IMF)

Hong Kong – Mauritania Trade

Source: Census and Statistics Department of Hong Kong

Total exports from Hong Kong to Mauritania increased by 93.3% from HK$14.5 million in 2018 to HK$28.0 million in 2019. The top three export categories to Mauritania were: (1) telecommunications and sound recording and reproducing apparatus and equipment (+125.5%), (2) electrical machinery, apparatus and appliances and electrical parts thereof (-1.9%), and (3) special transactions and commodities not classified according to kind (+154.6%), which represented 96.3% of total exports to Mauritania.

Source: Census and Statistics Department of Hong Kong

HKECIC Underwriting Experience

The Hong Kong Export Credit Insurance Corporation (HKECIC) offers coverage on Mauritanian buyers with payment terms in Irrevocable Letter of Credit (ILC). In the past 12 months (from August 2019 to July 2020), there was no insured business on Mauritania.

Please click here to download the charts (PDF format).

Last update: 28 August 2020

27.08.2020

Guinea

Key Information

Capital		Conakry
Population		12.8 million
Area		245,857 sq km
Currency		Guinean franc (1 USD = 9,659.11 GNF as of 27 August 2020)
Official language		French
Ease of doing business by World Bank		# 156 out of 190 in 2020 (↓4)
The Global Competitiveness Index by the World Economic Forum		# 122 out of 141 in 2019 (↑4)
Logistics Performance Index by World Bank		# 145 out of 160 in 2018

Major merchandise exports (% of total, 2018*)		Major merchandise imports (% of total, 2018*)
Bauxite (61.1%)		Capital goods (65.0%)
Gold (31.8%)		Intermediate goods (15.2%)
Diamonds (3.6%)		Petroleum products (12.3%)

Top three export markets (% of total, 2019)		Top three import markets (% of total, 2019)
China (65.7%)		China (13.6%)
Ghana (7.2%)		India (9.0%)
Switzerland (6.2%)		Netherlands (7.2%)

*Most recent data available
Source: Economist Intelligence Unit (EIU)

Political Highlights

Economic Trend

*Estimate ^Forecast
Source: International Monetary Fund (IMF)

Hong Kong – Guinea Trade

Source: Census and Statistics Department of Hong Kong

Total exports from Hong Kong to Guinea decreased by 26.2% from HK$194.3 million in 2018 to HK$143.3 million in 2019. The top three export categories to Guinea were: (1) telecommunications and sound recording and reproducing apparatus and equipment (-19.6%), (2) power generating machinery and equipment (-29.8%), and (3) electrical machinery, apparatus and appliances and electrical parts thereof (-9.4%), which represented 92.9% of total exports to Guinea.

Source: Census and Statistics Department of Hong Kong

HKECIC Underwriting Experience

The Hong Kong Export Credit Insurance Corporation (HKECIC) offers coverage on Guinean buyers with payment terms in Irrevocable Letter of Credit (ILC), with the exception of those under sanctions. In the past 12 months (from August 2019 to July 2020), there was no insured business on Guinea.

Please click here to download the charts (PDF format).

Last update: 27 August 2020

21.08.2020

Costa Rica

Key Information

Capital		San Jose
Population		5.1 million
Area		51,100 sq km
Currency		Costa Rican colon (1 USD = 593.695 CRC as of 21 August 2020)
Official language		Spanish
Ease of doing business by World Bank		# 74 out of 190 in 2020 (↓7)
The Global Competitiveness Index by the World Economic Forum		# 62 out of 141 in 2019 (↓7)
Logistics Performance Index by World Bank		# 85 out of 160 in 2018

Major merchandise exports (% of total, 2019)		Major merchandise imports (% of total, 2019)
Medical & dental instruments & supplies (28.6%)		Machinery (5.7%)
Bananas (8.7%)		Pharmaceutical & medical products (5.3%)
Pineapples (8.5%)		Gasoline (4.9%)

Top three export markets (% of total, 2019)		Top three import markets (% of total, 2019)
USA (42.3%)		USA (38.4%)
Belgium (6.3%)		China (13.2%)
Netherlands (6.1%)		Mexico (6.8%)

Source: Economist Intelligence Unit (EIU)

Political Highlights

Economic Trend

*Estimate ^Forecast
Source: International Monetary Fund (IMF)

Hong Kong – Costa Rica Trade

Source: Census and Statistics Department of Hong Kong

Total exports from Hong Kong to Costa Rica decreased by 7.5% from HK$1.30 billion in 2018 to HK1.20 billion in 2019. The top three export categories to Costa Rica were: (1) telecommunications and sound recording and reproducing apparatus and equipment (-14.4%), (2) electrical machinery, apparatus and appliances, and electrical parts thereof (+44.0%), and (3) office machines and automatic data processing machines (-0.2%), which represented 89.7% of total exports to Costa Rica.

Source: Census and Statistics Department of Hong Kong

HKECIC Underwriting Experience

The Hong Kong Export Credit Insurance Corporation (HKECIC) imposes no restrictions on covering buyers in Costa Rica. The Corporation’s underwriting experience on Costa Rica has been satisfactory, with no payment difficulty or claim payment case recorded during the past 12 months (from August 2019 to July 2020).

Please click here to download the charts (PDF format).

Last update: 21 August 2020

14.08.2020

Somalia

Key Information

Capital		Mogadishu
Population		15.44 million
Area		637,600 sq km
Currency		Somali Shilling (1 USD = 577.48 SOS as of 14 August 2020)
Official language		Somali, Arabic
Ease of doing business by World Bank		# 190 out of 190 in 2020 (-)
Logistics Performance Index by World Bank		# 144 out of 160 in 2018

Top three export markets (% of total, 2018*)		Top three import markets (% of total, 2018*))
Oman (26.7%)		China (17.9%)
UAE (24.6%)		India (17.6%)
Saudi Arabia (15.9%)		Ethiopia (13.6%)

*Most recent data available
Source: Economist Intelligence Unit (EIU)

Political Highlights

Economic Trend

*Estimate ^Forecast
Source: International Monetary Fund (IMF)

Hong Kong – Somalia Trade

Source: Census and Statistics Department of Hong Kong

Total exports from Hong Kong to Somalia increased by 14.3% from HK$40.3 million in 2018 to HK$46.0 million in 2019. The top three export categories to Somalia were: (1) telecommunications and sound recording and reproducing apparatus and equipment (+27.5%), (2) professional, scientific and controlling instruments and apparatus (+38.2%), and (3) essential oils and resinoids and perfume materials; toilet, polishing and cleansing preparations (+377.1%), which represented 93.0% of total exports to Somalia.

Source: Census and Statistics Department of Hong Kong

HKECIC Underwriting Experience

The Hong Kong Export Credit Insurance Corporation (HKECIC) offers coverage on Somalia’s buyers with payment terms in Irrevocable Letter of Credit (ILC), with the exception of those under sanctions. In the past 12 months (from August 2019 to July 2020), there was no insured business on Somalia.

Please click here to download the charts (PDF format).

Last update: 14 August 2020

13.08.2020

Greece

Key Information

Capital		Athens
Population		10.8 million
Area		131,957 sq km
Currency		Euro (1 USD = 0.8452 EUR as of 13 August 2020)
Official language		Greek
Ease of doing business by World Bank		# 79 out of 190 in 2020 (↓7)
The Global Competitiveness Index by the World Economic Forum		# 59 out of 141 in 2019 (↓2)
Logistics Performance Index by World Bank		# 42 out of 160 in 2018

Major Merchandise Exports (% of total, 2019)		Major Merchandise Imports (% of total, 2019)
Mineral fuels, lubricants & related materials (31.5%)		Mineral fuels, lubricants & related materials (26.9%)
Food, drinks & tobacco (16.4%)		Machinery & transport equipment (18.8%)
Chemicals & related products (12.2%)		Chemicals & related products (15.5%)

Top three export countries (% of total, 2019)		Top three import countries (% of total, 2019)
Italy (10.9%)		Germany (11.1%)
Germany (6.8%)		Iraq (8.7%)
Turkey (6.1%)		Russia (8.2%)

Source: Economist Intelligence Unit (EIU)

Political Highlights

Economic Trend

*Estimate ^Forecast
Source: International Monetary Fund (IMF)

Hong Kong – Greece Trade

Source: Census and Statistics Department of Hong Kong

Total exports from Hong Kong to Greece decreased by 12.8% from HK$1.40 billion in 2018 to HK$1.22 billion in 2019. The top three export categories to Greece were: (1) telecommunications and sound recording and reproducing apparatus and equipment (-8.6%), (2) office machines and automatic data processing machines (-31.5%), and (3) electrical machinery, apparatus and appliances and electrical parts thereof (+1.1%), which represented 71.8% of total exports to Greece.

Source: Census and Statistics Department of Hong Kong

HKECIC Underwriting Experience

The Hong Kong Export Credit Insurance Corporation (HKECIC) imposes no restriction on covering Greek buyers. The Corporation’s underwriting experience on Greece has been satisfactory, with no claim payment or payment difficulty case reported in the past 12 months (from August 2019 to July 2020).

Please click here to download the charts (PDF format).

Last update: 13 August 2020

12.08.2020

Philippines

Key Information

Capital		Manila
Population		106.7 million
Area		300,179 sq km
Currency		Philippine Peso (1 USD = 48.9608 PHP as of 12 August 2020)
Official language		Filipino and English
Ease of doing business by World Bank		# 95 out of 190 in 2020 (↑29)
The Global Competitiveness Index by the World Economic Forum		# 64 out of 141 in 2019 (↓8)
Logistics Performance Index by World Bank		# 60 out of 160 in 2018

Major merchandise exports (% of total, 2019)		Major merchandise imports (% of total, 2019)
Electronics (56.7%)		Raw materials & intermediate goods (34.9%)
Mineral products (6.5%)		Capital goods (29.2%)
Machinery & transport equipment (5.9%)		Consumer goods (16.6%)

Top three export markets (% of total, 2019)		Top three import markets (% of total, 2019)
USA (16.3%)		China (22.1%)
Japan (15.3%)		Japan (9.3%)
Hong Kong (13.6%)		South Korea (7.3%)

Source: Economist Intelligence Unit (EIU)

Political Highlights

Economic Trend

*Estimate ^Forecast
Source: International Monetary Fund (IMF)

Hong Kong – Philippines Trade

Source: Census and Statistics Department of Hong Kong

Total exports from Hong Kong to Philippines increased by 17.3% from HK$30.28 billion in 2018 to HK$35.50 billion in 2019. The top three export categories to Philippines were: (1) office machines and automatic data processing machines (+13.4%), (2) telecommunications and sound recording and reproducing apparatus and equipment (+43.9%), and (3) electrical machinery, apparatus and appliances and electrical parts thereof (+0.3%), which represented 72.9% of total exports to Philippines.

Source: Census and Statistics Department of Hong Kong

HKECIC Underwriting Experience

The Hong Kong Export Credit Insurance Corporation (HKECIC) imposes no restrictions on covering Philippine buyers. The Corporation’s underwriting experience on Philippines has been satisfactory, with no claim payment or payment difficulty case reported in the past 12 months (from August 2019 to July 2020).

Please click here to download the charts (PDF format).

Last update: 12 August 2020

11.08.2020

Bangladesh

Key Information

Capital		Dhaka
Population		163.1 million
Area		147,570 sq km
Currency		Bangladeshi Taka (1 USD = 848.154 BDT as of 11 August 2020)
Official language		Bangla
Ease of doing business by World Bank		# 168 out of 190 in 2020 (↑9)
The Global Competitiveness Index by the World Economic Forum		# 105 out of 141 in 2019 (↓2)
Logistics Performance Index by World Bank		# 100 out of 160 in 2018

Major merchandise exports (% of total, 2019)		Major merchandise imports (% of total, 2019)
Readymade garments (71.8%)		Petroleum products (11.7%)
Jute products (2.0%)		Textiles (8.8%)
Leather products (1.2%)		Capital machinery (8.7%)

Top three export markets (% of total, 2019)		Top three import markets (% of total, 2019)
USA (12.8%)		China (24.0%)
Germany (12.7%)		India (12.5%)
United Kingdom (8.5%)		Singapore (4.9%)

Source: Economist Intelligence Unit (EIU)

Political Highlights

Economic Trend

*Estimate ^Forecast
Source: International Monetary Fund (IMF)

Hong Kong – Bangladesh Trade

Source: Census and Statistics Department of Hong Kong

Total exports from Hong Kong to Bangladesh decreased by 24.6% from HK$14.30 billion in 2018 to HK$10.78 billion in 2019. The top three export categories to Bangladesh were: (1) textile yarn, fabrics, made-up articles and related products (-15.8%), (2) telecommunications and sound recording and reproducing apparatus and equipment (-7.2%), and (3) articles of apparel and clothing accessories (-8.2%), which represented 63.4% of total exports to Bangladesh.

Source: Census and Statistics Department of Hong Kong

HKECIC Underwriting Experience

The Hong Kong Export Credit Insurance Corporation (HKECIC) imposes no restrictions on covering Bangladeshi buyers. The Corporation’s underwriting experience on Bangladesh has been satisfactory, with no claim payment or payment difficulty case reported in the past 12 months (from August 2019 to July 2020).

Please click here to download the charts (PDF format).

Last update: 11 August 2020

07.08.2020

Kyrgyzstan

Key Information

Capital		Bishkek
Population		5.9 million
Area		198,500 sq km
Currency		Kyrgystani Som (1 USD = 76.9118 KGS as of 7 August 2020)
Official language		Kyrgyz and Russian
Ease of doing business by World Bank		# 80 out of 190 in 2020 (↓10)
The Global Competitiveness Index by the World Economic Forum		# 96 out of 141 in 2019 (↑1)
Logistics Performance Index by World Bank		# 108 out of 160 in 2018

Major merchandise exports (% of total, 2018*)		Major merchandise imports (% of total, 2018*)
Precious metals & stones (37.2%)		Machinery & equipment (14.5%)
Mineral products (15.9%)		Mineral products (12.6%)
Textiles (10.2%)		Chemicals (7.8%)

Top three export markets (% of total, 2018*)		Top three import markets (% of total, 2018*)
United Kingdom (36.5%)		Kazakhstan (36.7%)
Russia (15.3%)		Russia (23.1%)
Kazakhstan (15.1%)		Turkey (9.2%)

*Most recent data available
Source: Economist Intelligence Unit (EIU)

Political Highlights

Economic Trend

*Estimate ^Forecast
Source: International Monetary Fund (IMF)

Hong Kong – Kyrgyzstan Trade

Source: Census and Statistics Department of Hong Kong

Total exports from Hong Kong to Kyrgyzstan increased by 77.1% from HK$153 million in 2018 to HK$271 million in 2019. The top three export categories to Kyrgyzstan were: (1) telecommunications and sound recording and reproducing apparatus and equipment (+103.7%), (2) photographic apparatus, equipment and supplies and optical goods; watches and clocks (-3.9%), and (3) office machines and automatic data processing machines (+16.1%), which represented 96.5% of total exports to Kyrgyzstan.

Source: Census and Statistics Department of Hong Kong

HKECIC Underwriting Experience

The Hong Kong Export Credit Insurance Corporation (HKECIC) offers coverage on Kyrgyzstani buyers with payment terms in Irrevocable Letter of Credit (ILC). In the past 12 months (from August 2019 to July 2020), there was no insured business on Kyrgyzstan.

Please click here to download the charts (PDF format).

Last update: 7 August 2020

05.08.2020

Uruguay

Key Information

Capital		Montevideo
Population		3.5 million
Area		176,065 sq km
Currency		Uruguayan Peso (1 USD = 42.449 UYU as of 5 August 2020)
Official language		Spanish
Ease of doing business by World Bank		# 101 out of 190 in 2020 (↓6)
The Global Competitiveness Index by the World Economic Forum		# 54 out of 141 in 2019 (↓1)
Logistics Performance Index by World Bank		# 85 out of 160 in 2018

Top three export markets (% of total, 2019)		Top three import markets (% of total, 2019)
China (25.6%)		Brazil (20.7%)
Brazil (14.6%)		China (18.1%)
USA (5.9%)		Argentina (12.1%)

Source: Economist Intelligence Unit (EIU)

Political Highlights

Economic Trend

*Estimate ^Forecast
Source: International Monetary Fund (IMF)

Hong Kong – Uruguay Trade

Source: Census and Statistics Department of Hong Kong

Total exports from Hong Kong to Uruguay increased by 19.6% from HK$712 million in 2018 to HK$852 million in 2019. The top three export categories to Uruguay were: (1) telecommunications and sound recording and reproducing apparatus and equipment (+16.5%), (2) office machines and automatic data processing machines (+52.4%), and (3) tobacco and tobacco manufactures (+77.5%), which represented 80.4% of total exports to Uruguay.

Source: Census and Statistics Department of Hong Kong

HKECIC Underwriting Experience

The Hong Kong Export Credit Insurance Corporation (HKECIC) imposes no restrictions on covering buyers in Uruguay. The Corporation’s underwriting experience on Uruguay has been satisfactory, with no payment difficulty or claim payment case recorded during the past 12 months (from August 2019 to July 2020).

Please click here to download the charts (PDF format).

Last update: 5 August 2020

04.08.2020

Palestine

Key Information

Population		5.0 million
Area		West Bank: about 5,800 sq km; Gaza Strip: 365 sq km
Currency		Israeli New Shekel (ILS), Jordanian Dinar (JOD) (As of 4 August 2020, 1 USD = 3.40412 USD, 1 USD = 0.709 JOD)
Official language		Arabic

Top three export markets (% of total, 2019)		Top three import markets (% of total, 2019)
Israel (84.2%)		Israel (55.6%)
Jordan (5.8%)		Jordan (2.9%)
UAE (2.2%)		Saudi Arabia (1.3%)

Source: Economist Intelligence Unit (EIU)

Political Highlights

HKECIC Underwriting Experience

The Hong Kong Export Credit Insurance Corporation (HKECIC) offers coverage on buyers in Palestine with payment terms in Irrevocable Letter of Credit (ILC). In the past 12 months (from August 2019 to July 2020), there was no insured business on Palestine.

Please click here to download the charts (PDF format).

Last update: 4 August 2020

31.07.2020

Guyana

Key Information

Capital		Georgetown
Population		0.78 million
Area		214,969 sq km
Currency		Guyana Dollar (1 USD = 209.163 GYD as of 31 July 2020)
Official language		English
Ease of doing business by World Bank		# 134 out of 190 in 2020 (-)
Logistics Performance Index by World Bank		# 132 out of 160 in 2018

Top three export markets (% of total, 2018*)		Top three import markets (% of total, 2018*)
Canada (28.9%)		Trinidad and Tobago (40.9%)
USA (14.7%)		USA (36.9%)
Trinidad and Tobago (11.8%)		China (12.4%)

*Most recent data available
Source: Economist Intelligence Unit (EIU)

Political Highlights

Economic Trend

*Estimate ^Forecast
Source: International Monetary Fund (IMF)

Hong Kong – Guyana Trade

Source: Census and Statistics Department of Hong Kong

Total exports from Hong Kong to Guyana increased by 50.7% from HK$ 10.97 million in 2018 to HK$ 16.53 million in 2019. The top three export categories to Guyana were: (1) telecommunications and sound recording and reproducing apparatus and equipment (+848.5%), (2) office machines and automatic data processing machines (+1,311.9%), and (3) medicinal and pharmaceutical products (+1,131.2%), which represented 65.8% of total exports to Guyana.

Source: Census and Statistics Department of Hong Kong

HKECIC Underwriting Experience

The Hong Kong Export Credit Insurance Corporation (HKECIC) offers coverage on buyers in Guyana with payment terms in Irrevocable Letter of Credit (ILC). In the past 12 months (from July 2019 to June 2020), there was no insured business on Guyana.

Please click here to download the charts (PDF format).

Last update: 31 July 2020

29.07.2020

Egypt

Key Information

Capital		Cairo
Population		98.9 million
Area		997,739 sq km
Currency		Egyptian pound (1 USD = 15.9683 EGP as of 29 July 2020)
Official language		Arabic
Ease of doing business by World Bank		# 114 out of 190 in 2020 (↑6)
The Global Competitiveness Index by the World Economic Forum		# 93 out of 141 in 2019 (↑1)
Logistics Performance Index by World Bank		# 67 out of 160 in 2018

Major Merchandise Exports (% of total, 2019)		Major Merchandise Imports (% of total, 2019)
Oil & natural gas (40.6%)		Machinery & equipment (17.5%)
Food (11.8%)		Oil & natural gas (17.3%)
Cotton & other textiles (9.9%)		Chemicals (9.5%)

Top three export countries (% of total, 2019)		Top three import countries (% of total, 2019)
USA (6.9%)		China (15.2%)
UAE (6.4%)		USA (6.6%)
Turkey (5.4%)		Saudi Arabia (6.6%)

Source: Economist Intelligence Unit (EIU)

Political Highlights

Economic Trend

*Estimate ^Forecast
Source: International Monetary Fund (IMF)

Hong Kong – Egypt Trade

Source: Census and Statistics Department of Hong Kong

Total exports from Hong Kong to Egypt increased by 23.7% from HK$7.0 billion in 2018 to HK$8.6 billion in 2019. The top three export categories to Egypt were: (1) telecommunications and sound recording and reproducing apparatus and equipment (+21.5%), (2) office machines and automatic data processing machines (+19.1%), and (3) power generating machinery and equipment (+113.8%), which represented 90.9% of total exports to Egypt.

Source: Census and Statistics Department of Hong Kong

HKECIC Underwriting Experience

The Hong Kong Export Credit Insurance Corporation (HKECIC) imposes no restriction on covering Egyptian buyers with the exception of those under sanctions. The Corporation’s underwriting experience on Egypt has been satisfactory, with no claim payment or payment difficulty case reported in the past 12 months (from July 2019 to June 2020).

Please click here to download the charts (PDF format).

Last update: 29 July 2020

21.07.2020

Niue

Key Information

Capital		Alofi
Population		2,000
Area		260 sq km
Currency		New Zealand dollar (1 USD = 1.52774 NZD as of 21 July 2020)
Official language		English, Niuean

Sources: The World Factbook

Political Highlights

HKECIC Underwriting Experience

The Hong Kong Export Credit Insurance Corporation (HKECIC) imposes no restrictions on covering buyers in Niue. In the past 12 months (from July 2019 to June 2020), there was no insured business on Niue..

Please click here to download the charts (PDF format).

Last update: 21 July 2020

17.07.2020

Iraq

Key Information

Capital		Baghdad
Population		39.3 million
Area		441,839 sq km
Currency		Iraqi dinar (1 USD = 1,191 IQD as of 17 July 2020)
Official language		Arabic, Kurdish
Ease of doing business by World Bank		# 172 out of 190 in 2020 (↓1)
Logistics Performance Index by World Bank		# 147 out of 160 in 2018

Top three export markets (% of total, 2019)		Top three import markets (% of total, 2019)
China (26.1%)		Turkey (27.8%)
India (24.8%)		China (25.8%)
South Korea (8.8%)		India (5.5%)

Sources: Economist Intelligence Unit

Political Highlights

Economic Trend

*Estimate ^Forecast
Source: International Monetary Fund (IMF)

Hong Kong – Iraq Trade

Source: Census and Statistics Department of Hong Kong

Total exports from Hong Kong to Iraq decreased by 47.7% from HK$717 million in 2018 to HK$375 million in 2019. The top three export categories to Iraq were: (1) telecommunications and sound recording and reproducing apparatus and equipment (-59.3%), (2) office machines and automatic data processing machines (+24.0%), and (3) photographic apparatus, equipment and supplies and optical goods; watches and clocks (+32.6%), which represented 94.1% of total exports to Iraq.

Source: Census and Statistics Department of Hong Kong

HKECIC Underwriting Experience

The Hong Kong Export Credit Insurance Corporation (HKECIC) offers coverage on Iraqi buyers with payment terms in Irrevocable Letter of Credit (ILC), with the exception of those under sanctions. In the past 12 months (from July 2019 to June 2020), there was no insured business on Iraq.

Please click here to download the charts (PDF format).

Last update: 17 July 2020

16.07.2020

Bahrain

Key Information

Capital		Manama
Population		1.5 million
Area		760 sq km
Currency		Bahraini Dinar (1 BHD = 2.65957 USD as of 16 July 2020)
Official language		Arabic
Ease of doing business by World Bank		# 43 out of 190 in 2020 (↑19)
The Global Competitiveness Index by the World Economic Forum		# 45 out of 141 in 2019 (↑5)
Logistics Performance Index by World Bank		# 59 out of 160 in 2018

Top three export markets (% of total, 2019)		Top three import markets (% of total, 2019)

Saudi Arabia (25.0%)		China (11.4%)
Oman (10.7%)		Australia (7.9%)
UAE (10.5%)		Saudi Arabia (7.3%)

Source: Economist Intelligence Unit (EIU)

Political Highlights

Economic Trend

*Estimate ^Forecast
Source: International Monetary Fund (IMF)

Hong Kong – Bahrain Trade

Source: Census and Statistics Department of Hong Kong

Total exports from Hong Kong to Bahrain decreased by 17.7% from HK$ 852 million in 2016 to HK$ 701 million in 2017. The top three export categories to Bahrain were: (1) telecommunications and sound recording and reproducing apparatus and equipment (-26.5%), (2) power generating machinery and equipment (-53.0%), and (3) office machines and automatic data processing machines (-25.2%), which represented 58.4% of total exports to Bahrain.

Source: Census and Statistics Department of Hong Kong

HKECIC Underwriting Experience

The Hong Kong Export Credit Insurance Corporation (HKECIC) imposes no restrictions on covering buyers in Bahrain. The Corporation’s underwriting experience on Bahrain has been satisfactory, with no payment difficulty or claim payment case recorded during the past 12 months (from July 2019 to June 2020).

Please click here to download the charts (PDF format).

Last update: 16 July 2020

08.07.2020

Myanmar

Key Information

Capital		Naypyidaw
Population		54.4 million
Area		676,563 sq km
Currency		Myanmar Kyat (1 USD = 1,373.64 MMK as of 8 July 2020)
Official language		Burmese
Ease of doing business by World Bank		# 165 out of 190 in 2020 (↑6)
Logistics Performance Index by World Bank		# 137 out of 160 in 2018

Top three export markets (% of total, 2019)		Top three import markets (% of total, 2019)
China (31.2%)		China (34.9%)
Thailand (18.0%)		Singapore (17.5%)
Japan (7.7%)		Thailand (12.4%)

Source: Economist Intelligence Unit (EIU)

Political Highlights

Economic Trend

*Estimate ^Forecast
Source: International Monetary Fund (IMF)

Hong Kong – Myanmar Trade

Source: Census and Statistics Department of Hong Kong

Total exports from Hong Kong to Myanmar increased by 1.9% from HK$2,003 million in 2018 to HK$2,042 million in 2019. The top three export categories to Laos were: (1) textile yarn, fabrics, made-up articles and related products (-10.8%), (2) photographic apparatus, equipment and supplies and optical goods; watches and clocks (+78.2%), and (3) telecommunications and sound recording and reproducing apparatus and equipment (-42.1%), which represented 64.8% of total exports to Myanmar..

Source: Census and Statistics Department of Hong Kong

HKECIC Underwriting Experience

The Hong Kong Export Credit Insurance Corporation (HKECIC) imposes no restrictions on covering buyers in Myanmar with the exception of those under sanctions. The Corporation’s underwriting experience on Myanmar has been satisfactory, with no claim payment or payment difficulty case recorded during the past 12 months (from July 2019 to June 2020).

Please click here to download the charts (PDF format).

Last update: 8 July 2020

02.07.2020

Timor-Leste

Key Information

Capital		Dili
Population		1.3 million
Area		14,609 sq km
Currency		US dollar
Official language		Portuguese and Tetum
Ease of doing business by World Bank		# 181 out of 190 in 2020 (↓3)

Top three export markets (% of total, 2018*)		Top three import markets (% of total, 2018*)
Indonesia (49.4%)		China (22.2%)
USA (15.7%)		Singapore (17.7%)
China (11.5%)		Hong Kong (14.9%)

*Most recent data available
Source: Economist Intelligence Unit (EIU)

Political Highlights

Economic Trend

*Estimate ^Forecast
Source: International Monetary Fund

Hong Kong – Timor-Leste Trade

Source: Census and Statistics Department of Hong Kong

otal exports from Hong Kong to Timor-Leste in 2019 were HK$10 million in 2019. The top three export categories from Hong Kong to Timor-Leste were: (1) telecommunications and sound recording and reproducing apparatus and equipment (2) special transactions and commodities not classified according to kind, and (3) office machines and automatic data processing machines, which represented 51.4% of total exports to Timor-Leste..

Source: Census and Statistics Department of Hong Kong

HKECIC Underwriting Experience

The Hong Kong Export Credit Insurance Corporation (HKECIC) imposes no restrictions on covering Timor-Leste buyers. In the past 12 months (from July 2019 to June 2020), there was no insured business on Timor-Leste.

Please click here to download the charts (PDF format).

Last update: 2 July 2020

18.06.2020

Sudan

Key Information

Capital		Khartoum
Population		42.8 million
Area		1,861,484 sq km
Currency		Sudanese Pound (1 USD = 55.312 SDG as of 18 June 2020)
Official language		English and Arabic
Ease of doing business by World Bank		# 171 out of 190 in 2020 (↓9)
Logistics Performance Index by World Bank		# 121 out of 160 in 2018

Major Merchandise Exports (% of total, 2017*)		Major Merchandise Imports (% of total, 2017*)
Agricultural products (50.5%)		Manufactured goods (65.2%)
Fuels and mining products (14.4%)		Agricultural products (24.5%)
Manufactured goods (2.3%)		Fuels and mining products (10.3%)

Top three export countries (% of total, 2019)		Top three import countries (% of total, 2019)
UAE (30.0%)		Macau (21.1%)
Macau (24.1%)		UAE (12.6%)
Saudi Arabia (15.4%)		India (8.0%)

*Most recent data available
Source: Economist Intelligence Unit (EIU), World Trade Organization

Political Highlights

Economic Trend

*Estimate ^Forecast
Source: International Monetary Fund (IMF)

Hong Kong – Sudan Trade

Source: Census and Statistics Department of Hong Kong

Total exports from Hong Kong to Sudan decreased by 38.1% from HK$44.4 million in 2018 to HK$27.5 million in 2019. The top three export categories to Sudan were: (1) telecommunications and sound recording and reproducing apparatus and equipment (-9.8%), (2) professional, scientific and controlling instruments and apparatus (+24.7%), and (3) electrical machinery, apparatus and appliances, and electrical parts thereof (-73.4%), which represented 63.9% of total exports to Sudan.

Source: Census and Statistics Department of Hong Kong

HKECIC Underwriting Experience

The Hong Kong Export Credit Insurance Corporation (HKECIC) offers coverage on Sudan buyers with payment terms in Irrevocable Letter of Credit (ILC), with the exception of those under sanctions. In the past 12 months (from June 2019 to May 2020), there was no insured business on Sudan.

Please click here to download the charts (PDF format).

Last update: 18 June 2020

18.06.2020

Senegal

Key Information

Capital		Dakar
Population		15.85 million
Area		197,161 sq km
Currency		West African CFA franc (pegged to the euro at CFAfr 655.97 : €1)
Official language		French, Wolof
Ease of doing business by World Bank		# 123 out of 190 in 2020 (↑18)
The Global Competitiveness Index by the World Economic Forum		# 114 out of 141 in 2019 (↓1)
Logistics Performance Index by World Bank		# 141 out of 160 in 2018

Major Merchandise Exports (% of total, 2017*)		Major Merchandise Imports (% of total, 2017*)
Agricultural products (37.4%)		Manufactured goods (49.3%)
Manufactured goods (29.9%)		Agricultural products (26.4%)
Fuels and mining products (23.1%)		Fuels and mining products (24.3%)

Top three export countries (% of total, 2018)		Top three import countries (% of total, 2018)
Switzerland (17.9%)		France (14.7%)
Mali (11.5%)		China (12.4%)
India (10.0%)		Nigeria (9.9%)

*Most recent data available
Source: Economist Intelligence Unit (EIU), World Trade Organization

Political Highlights

Economic Trend

*Estimate ^Forecast
Source: International Monetary Fund (IMF)

Hong Kong – Senegal Trade

Source: Census and Statistics Department of Hong Kong

Total exports from Hong Kong to Senegal increased by 4.3% from HK$1.39 billion in 2018 to HK$1.45 billion in 2019. The top three export categories to Senegal were: (1) telecommunications and sound recording and reproducing apparatus and equipment (+4.4%), (2) general industrial machinery and equipment, and machine parts (+75.0%), and (3) office machines and automatic data processing machines (+269.8%), which represented 98.5% of total exports to Senegal.

Source: Census and Statistics Department of Hong Kong

HKECIC Underwriting Experience

The Hong Kong Export Credit Insurance Corporation (HKECIC) imposes no restrictions on covering Senegal buyers. In the past 12 months (from June 2019 to May 2020), there was no insured business on Senegal.

Please click here to download the charts (PDF format).

Last update: 18 June 2020

16.06.2020

Rwanda

Key Information

Capital		Kigali
Population		12.6 million
Area		26,338 sq km
Currency		Rwandan Franc (1 USD = 947.075 RWF as of 16 June 2020)
Official language		English, French and Kinyarwanda
Ease of doing business by World Bank		# 38 out of 190 in 2020 (↓9)
The Global Competitiveness Index by the World Economic Forum		# 100 out of 141 in 2019 (↑8)
Logistics Performance Index by World Bank		# 65 out of 160 in 2018

Major Merchandise Exports (% of total, 2017*)		Major Merchandise Imports (% of total, 2017*)
Agricultural products (34.9%)		Manufactured goods (54.3%)
Fuels and mining products (26.8%)		Agricultural products (14.7%)
Manufactured goods (11.0%)		Fuels and mining products (2.2%)

Top three export countries (% of total, 2019)		Top three import countries (% of total, 2019)
UAE (16.1%)		China (21.4%)
Kenya (8.6%)		UAE (11.9%)
Switzerland (5.6%)		India (10.6%)

*Most recent data available
Source: Economist Intelligence Unit (EIU), World Trade Organization

Political Highlights

Economic Trend

*Estimate ^Forecast
Source: International Monetary Fund (IMF)

Hong Kong – Rwanda Trade

Source: Census and Statistics Department of Hong Kong

Total exports from Hong Kong to Rwanda increased by 33.5% from HK$382 million in 2018 to HK$510 million in 2019. The top three export categories to Rwanda were: (1) telecommunications and sound recording and reproducing apparatus and equipment (+28.0%), (2) office machines and automatic data processing machines (+380.7%), and (3) electrical machinery, apparatus and appliances and electrical parts thereof (-36.6%), which represented 99.0% of total exports to Rwanda.

Source: Census and Statistics Department of Hong Kong

HKECIC Underwriting Experience

The Hong Kong Export Credit Insurance Corporation (HKECIC) offers coverage on Rwanda buyers with payment terms in Irrevocable Letter of Credit (ILC). In the past 12 months (from June 2019 to May 2020), there was no insured business on Rwanda.

Please click here to download the charts (PDF format).

Last update: 16 June 2020

11.06.2020

Tunisia

Key Information

Capital		Tunis
Population		11.7 million
Area		163,610 sq km
Currency		Tunisian Dinar (1 USD = 2.81169 TND as of 11 June 2020)
Official language		Arabic
Ease of doing business by World Bank		# 78 out of 190 in 2020 (↑2)
The Global Competitiveness Index by the World Economic Forum		# 87 out of 141 in 2019 (-)
Logistics Performance Index by World Bank		# 105 out of 160 in 2018

Major Merchandise Exports (% of total, 2019)		Major Merchandise Imports (% of total, 2019)
Consumer & intermediary goods (62.5%)		Consumer & intermediary goods (52.2%)
Equipment (22.1%)		Equipment (24.8%)
Energy products (5.5%)		Energy products (16.1%)

Top three export countries (% of total, 2019)		Top three import countries (% of total, 2019)
France (29.5%)		Italy (17.7%)
Italy (16.8%)		France (14.0%)
Germany (12.3%)		China (8.7%)

Source: Economist Intelligence Unit (EIU)

Political Highlights

Economic Trend

*Estimate ^Forecast
Source: International Monetary Fund (IMF)

Hong Kong – Tunisia Trade

Source: Census and Statistics Department of Hong Kong

Total exports from Hong Kong to Tunisia increased by 4.8% from HK$1.44 billion in 2018 to HK$1.51 billion in 2019. The top three export categories to Tunisia were: (1) telecommunications and sound recording and reproducing apparatus and equipment (+7.5%), (2) electrical machinery, apparatus and appliances and electrical parts thereof (+7.0%), and (3) office machines and automatic data processing machines (-14.6%), which represented 91.2% of total exports to Tunisia.

Source: Census and Statistics Department of Hong Kong

HKECIC Underwriting Experience

The Hong Kong Export Credit Insurance Corporation (HKECIC) imposes no restrictions on covering Tunisia buyers with the exception of those under sanctions. In the past 12 months (from June 2019 to May 2020), there was no claim payment or payment difficulty case reported against Tunisia buyers.

Please click here to download the charts (PDF format).

Last update: 11 June 2020

10.06.2020

Libya

Key Information

Capital		Tripoli
Population		6.8 million
Area		1,759,540 sq km
Currency		Libyan Dinar (1 USD = 1.40956 LYD as of 10 June 2020)
Official language		Arabic
Ease of doing business by World Bank		# 186 out of 190 in 2020 (-)
Logistics Performance Index by World Bank		# 154 out of 160 in 2018

Major Merchandise Exports (% of total, 2017*)		Major Merchandise Imports (% of total, 2017*)
Fuels and mining products (94.6%)		Manufactured goods (84.1%)
Manufactured goods (3.1%)		Agricultural products (13.0%)
Agricultural products (0.5%)		Fuels and mining products (2.7%)

Top three export countries (% of total, 2019)		Top three import countries (% of total, 2019)
Italy (20.9%)		China (10.8%)
China (19.2%)		Turkey (9.2%)
Spain (14.1%)		South Korea (4.5%)

*Most recent data available
Source: Economist Intelligence Unit (EIU), World Trade Organization

Political Highlights

Economic Trend

*Estimate ^Forecast
Source: International Monetary Fund (IMF)

Hong Kong – Libya Trade

Source: Census and Statistics Department of Hong Kong

Total exports from Hong Kong to Libya increased by 5.0% from HK$163 million in 2018 to HK$171 million in 2019. The top three export categories to Libya were: (1) telecommunications and sound recording and reproducing apparatus and equipment (+2.4%), (2) professional, scientific and controlling instruments and apparatus (+576.3%), and (3) office machines and automatic data processing machines (-52.4%), which represented 90.6% of total exports to Libya.

Source: Census and Statistics Department of Hong Kong

HKECIC Underwriting Experience

The Hong Kong Export Credit Insurance Corporation (HKECIC) offers coverage on Libya buyers with payment terms in Irrevocable Letter of Credit (ILC), with the exception of those under sanctions. In the past 12 months (from June 2019 to May 2020), there was no insured business on Libya.

Please click here to download the charts (PDF format).

Last update: 10 June 2020

09.06.2020

Pakistan

Key Information

Capital		Islamabad
Population		233 million
Area		796,095 sq km
Currency		Pakistan Rupee (1 USD = 163.279 PKR as of 9 June 2020)
Official language		Urdu, English
Ease of doing business by World Bank		# 108 out of 190 in 2020 (↑28)
The Global Competitiveness Index by the World Economic Forum		# 110 out of 141 in 2019 (↓3)
Logistics Performance Index by World Bank		# 122 out of 160 in 2018

Major Merchandise Exports (% of total, 2019)		Major Merchandise Imports (% of total, 2019)
Cotton cloth (11.8%)		Petroleum products (10.6%)
Rice (9.0%)		Crude Petroleum (8.2%)
Knitwear (8.6%)		Palm oil (3.5%)

Top three export countries (% of total, 2019)		Top three import countries (% of total, 2019)
USA (17.2%)		China (25.0%)
China (8.6%)		UAE (12.6%)
UK (7.3%)		USA (5.0%)

Source: Economist Intelligence Unit (EIU)

Political Highlights

Economic Trend

*Estimate ^Forecast
Source: International Monetary Fund (IMF)

Hong Kong – Pakistan Trade

Source: Census and Statistics Department of Hong Kong

Total exports from Hong Kong to Pakistan increased by 0.4% from HK$6.05 billion in 2018 to HK$ 6.08 billion in 2019. The top three export categories to Pakistan were: (1) telecommunications and sound recording and reproducing apparatus and equipment (+15.8%), (2) textile yarn, fabrics, made-up articles, and related products (+7.7%), and (3) electrical machinery, apparatus and appliances, and electrical parts thereof (-7.9%), which represented 78.6% of total exports to Pakistan.

Source: Census and Statistics Department of Hong Kong

HKECIC Underwriting Experience

The Hong Kong Export Credit Insurance Corporation (HKECIC) imposes no restrictions on covering Pakistan buyers.
The Corporation’s underwriting experience on Pakistan has been satisfactory with no claim payment or payment difficulty case reported during the past 12 months (from June 2019 to May 2020).

Please click here to download the charts (PDF format).

Last update: 9 June 2020

01.06.2020

Laos

Key Information

Capital		Vientiane
Population		7.4 million
Area		236,800 sq km
Currency		Laotian Kip (1 USD = 8,990.21 LAK as of 28 May 2020)
Official language		Lao
Ease of doing business by World Bank		# 154 out of 190 in 2020 (same as 2019)
The Global Competitiveness Index by the World Economic Forum		# 113 out of 141 in 2019 (↓1)
Logistics Performance Index by World Bank		# 82 out of 167 in 2018

Major merchandising exports (% of total, 2018*)		Major merchandising imports (% of total, 2018*)
Mining products (27.6%)		Capital goods (34.5%)
Electricity (24.7%)		Intermediate products and raw materials (38.8%)
Vegetables, fruit and nuts (9.1%)		Consumer goods (25.6%)

Top three export markets (% of total, 2018*)		Top three import markets (% of total, 2018*)
Thailand (41.6%)		Thailand (59.3%)
China (34.7%)		China (21.2%)
Vietnam (7.2%)		Vietnam (8.4%)

*Most recent data available
Source: Economist Intelligence Unit (EIU), World Trade Organisation (WTO)

Political Highlights

Economic Trend

*Estimate ^Forecast
Source: International Monetary Fund (IMF)

Hong Kong – Laos Trade

Source: Census and Statistics Department of Hong Kong

Total exports from Hong Kong to Laos decreased by 17.3% from HK$194.9 million in 2018 to HK$161.2 million in 2019. The top three export categories to Laos were: (1) textile yarn, fabrics, made-up articles and related products (+4.0%), (2) telecommunications and sound recording and reproducing apparatus and equipment (-15.8%), and (3) office machines and automatic data processing machines (+182.5%), which represented 47.1% of total exports to Laos.

Source: Census and Statistics Department of Hong Kong

HKECIC Underwriting Experience

The Hong Kong Export Credit Insurance Corporation (HKECIC) imposes no restrictions on covering buyers in Laos. The Corporation’s underwriting experience on Laos has been satisfactory, with no claim payment or payment difficulty case recorded during the past 12 months (from June 2019 to May 2020).

Please click here to download the charts (PDF format).

Last update: 1 June 2020

01.06.2020

Trinidad and Tobago

Key Information

Capital		Port of Spain
Population		1.4 million
Area		5,128 sq km
Currency		Trinidad and Tobago Dollar (1 USD = 6.75502 TTD as of 26 May 2020)
Official language		English
Ease of doing business by World Bank		# 105 out of 190 in 2020 (-)
The Global Competitiveness Index by the World Economic Forum		# 79 out of 141 in 2019 (↓1)
Logistics Performance Index by World Bank		# 124 out of 160 in 2018

Source: Economist Intelligence Unit (EIU)

Political Highlights

Economic Trend

*Estimate ^Forecast
Source: International Monetary Fund (IMF)

Hong Kong – Trinidad and Tobago Trade

Source: Census and Statistics Department of Hong Kong

Total exports from Hong Kong to Trinidad and Tobago increased by 9.5% from HK$137 million in 2018 to HK$150 million in 2019. The top three export categories to Trinidad and Tobago were: (1) telecommunications and sound recording and reproducing apparatus and equipment (-25.8%), (2) office machines and automatic data processing machines (+86.1%), and (3) electrical machinery apparatus & appliances and electrical parts thereof (-71.3%), which represented 58.3% of total exports to Trinidad and Tobago.

Source: Census and Statistics Department of Hong Kong

HKECIC Underwriting Experience

The Hong Kong Export Credit Insurance Corporation (HKECIC) imposes no restrictions on covering buyers in Trinidad and Tobago. The Corporation’s underwriting experience on Trinidad and Tobago has been satisfactory, with no claim payment or payment difficulty case recorded during the past 12 months (from June 2019 to May 2020).

Please click here to download the charts (PDF format).

Last update: 1 June 2020

22.05.2020

Korea, Republic of

Key Information

Capital		Seoul
Population		51.0 million
Area		99,678 sq km
Currency		South Korean Won (1 USD = 1,226.07 KRW as of 19 May 2020)
Official language		Korean
Ease of doing business by World Bank		# 5 out of 190 in 2020 (-)
The Global Competitiveness Index by the World Economic Forum		# 13 out of 141 in 2019 (↑2)
Logistics Performance Index by World Bank		# 25 out of 160 in 2018

Major Merchandise Exports (% of total, 2019)		Major Merchandise Imports (% of total, 2019)
Machinery & transport equipment (56.9%)		Machinery & transport equipment (34.0%)
Chemicals & related products (12.5%)		Mineral fuels, lubricants & related materials (23.2%)
Manufactured goods (12.0%)		Manufactured goods (11.7%)

Top three export countries (% of total, 2019)		Top three import countries (% of total, 2019)
China (25.1%)		China (21.3%)
USA (13.6%)		USA (12.3%)
Vietnam (8.9%)		Japan (9.4%)

Source: Economist Intelligence Unit

Political Highlights

Economic Trend

*Estimate ^Forecast
Source: International Monetary Fund (IMF)

Hong Kong – Korea Trade

Source: Census and Statistics Department of Hong Kong

Total exports from Hong Kong to Republic of Korea decreased by 2.3% from HK$57.9 billion in 2018 to HK$ 56.6 billion in 2019. The top three export categories to Republic of Korea were: (1) electrical machinery, apparatus and appliances and electrical parts thereof (+6.7%), (2) telecommunications and sound recording and reproducing apparatus and equipment (-15.1%), and (3) office machines and automatic data processing machines (-34.9%), which represented 65.6% of total exports to Republic of Korea.

Source: Census and Statistics Department of Hong Kong

HKECIC Underwriting Experience

The Hong Kong Export Credit Insurance Corporation (HKECIC) imposes no restrictions on covering buyers in the Republic of Korea. Currently, the insured buyers in the Republic of Korea range from small and medium sized companies to listed companies. In 2019, the number and the amount of credit limit applications on the Republic of Korea decreased by 5.3% and 14.0% respectively, while insured business increased by 1.1%. Major insured products were textiles, electronics and furniture, which represented 61.1% of HKECIC’s insured business on the Republic of Korea. The Corporation’s underwriting experience on the Republic of Korea has been satisfactory, with one payment difficulty case and one claim case reported in the past 12 months (May 2019 to April 2020).

Please click here to download the charts (PDF format).

Last update: 22 May 2020

19.05.2020

Afghanistan

Key Information

Capital		Kabul
Population		34.7 million
Area		652,100 sq km
Currency		Afghan Afghani (1 USD = 76.4457 AFN as of 19 May 2020)
Official language		Dari, Pashto
Ease of doing business by World Bank		# 173 out of 190 in 2020 (↓6)
Logistics Performance Index by World Bank		# 165 out of 167 in 2018

Top three export countries (% of total, 2018*)		Top three import countries (% of total, 2018*)
Pakistan (42.6%)		Iran (17.1%)
India (40.4%)		China (15.7%)
China (3.2%)		Pakistan (14.7%)

*Most recent data available
Source: Economist Intelligence Unit (EIU), World Trade Organisation (WTO)

Political Highlights

Economic Trend

*Estimate ^Forecast
Source: International Monetary Fund (IMF)

Hong Kong – Afghanistan Trade

Source: Census and Statistics Department of Hong Kong

Total exports from Hong Kong to Afghanistan decreased by 50.3% from HK$23 million in 2018 to HK$ 12 million in 2019. The top three export categories to Afghanistan were: (1) telecommunications and sound recording and reproducing apparatus and equipment (-62.0%), (2) professional, scientific and controlling instruments and apparatus (+24.9%), and (3) electrical machinery, apparatus and appliances and electrical parts thereof (-64.6%), which represented 66.9% of total exports to Afghanistan.

Source: Census and Statistics Department of Hong Kong

HKECIC Underwriting Experience

The Hong Kong Export Credit Insurance Corporation (HKECIC) offers coverage on Afghan buyers with payment terms in Irrevocable Letter of Credit (ILC), with the exception of those under sanctions. In the past 12 months (from May 2019 to April 2020), there was no insured business on Afghanistan.

Please click here to download the charts (PDF format).

Last update: 19 May 2020

13.05.2020

Nepal

Key Information

Capital		Kathmandu
Population		28.1 million
Area		147,181 sq km
Currency		Nepalese rupee (1 USD = 121.328 NPR as of 13 May 2020)
Official language		Nepali
Ease of doing business (2018) by World Bank		# 94 out of 190 in 2020 (↑16)
The Global Competitiveness Index by the World Economic Forum		# 108 out of 141 in 2019 (↑1)
Logistics Performance Index by World Bank		# 114 out of 160 in 2018

Major Merchandise Exports (% of total, 2018-19)		Major Merchandise Imports (% of total, 2018-19)
Palm oil and its fractions (10.6%)		Diesel (8.5%)
Carpets and other textile floor coverings (7.6%)		Iron and steel (4.6%)
Yarn (3.9%)		Petrol (2.5%)

Top three export countries (% of total, 2018-19)		Top three import countries (% of total, 2018-19)
India (64.6%)		India (64.7%)
USA (11.2%)		China (14.5%)
Germany (3.3%)		United Arab Emirates (2.5%)

Source: Economist Intelligence Unit (EIU)

Political Highlights

Economic Trend

*Estimate ^Forecast
Source: International Monetary Fund (IMF)

Hong Kong – Nepal Trade

Source: Census and Statistics Department of Hong Kong

Total exports from Hong Kong to Nepal decreased by 14.8% from HK$1,733 million in 2018 to HK$ 1,476 million in 2019. The top three export categories to Nepal were: (1) telecommunications and sound recording and reproducing apparatus and equipment (-7.9%), (2) non-ferrous metals (-39.8%), and (3) office machines and automatic data processing machines (+137.1%), which represented 87.4% of total exports to Nepal.

Source: Census and Statistics Department of Hong Kong

HKECIC Underwriting Experience

The Hong Kong Export Credit Insurance Corporation (HKECIC) imposes no restrictions on covering Nepali buyers.
The Corporation’s underwriting experience on Nepal has been satisfactory with no claim payment or payment difficulty case reported during the past 12 months (from May 2019 to April 2020).

Please click here to download the charts (PDF format).

Last update: 13 May 2020

12.05.2020

Brunei Darussalam

Key Information

Capital		Bandar Seri Begawan
Population		0.43 million
Area		513,120 sq km
Currency		Brunei dollar (1 USD = 1.41742 BND as of 12 May 2020)
Form of government		Malay
Ease of doing business by World Bank		# 66 out of 190 in 2020 (↓11)
The Global Competitiveness Index by the World Economic Forum		# 56 out of 141 in 2019 (↑6)
Logistics Performance Index by World Bank		# 80 out of 160 in 2018

Major Merchandise Exports (% of total, 2017*)		Major Merchandise Imports (% of total, 2017*)
Fuels and mining products (89.8%)		Manufactured goods (74.1%)
Manufactured goods (9.6%)		Agricultural products (15.2%)
Agricultural products (0.2%)		Fuels and mining products (10.3%)

Top three export countries (% of total, 2018)		Top three import countries (% of total, 2018)
Japan (34.7%)		China (39.4%)
Thailand (10.4%)		Singapore (13.8%)
South Korea (9.4%)		Malaysia (13.3%)

* Most recent data available
Source: Economist Intelligence Unit (EIU), World Trade Organisation (WTO)

Political Highlights

Economic Trend

*Estimate ^Forecast
Source: International Monetary Fund (IMF)

Hong Kong – Brunei Trade

Source: Census and Statistics Department of Hong Kong

Total exports from Hong Kong to Brunei decreased by 17.0% from HK$145 million in 2018 to HK$ 120 million in 2019. The top three export categories to Brunei were: (1) telecommunications and sound recording and reproducing apparatus and equipment (+43.7%), (2) textile yarn, fabrics, made-up articles, and related products (+17.5%), and (3) petroleum, petroleum products and related materials (-54.2%), which represented 48.1% of total exports to Brunei.

Source: Census and Statistics Department of Hong Kong

HKECIC Underwriting Experience

The Hong Kong Export Credit Insurance Corporation (HKECIC) imposes no restrictions on covering Bruneian buyers.
The Corporation’s underwriting experience on Brunei has been satisfactory with no claim payment or payment difficulty case reported during the past 12 months (from May 2019 to April 2020).

Please click here to download the charts (PDF format).

Last update: 12 May 2020

08.05.2020

Bhutan

Key Information

Capital		Thimphu
Population		0.8 million
Area		38,394 sq km
Currency		Bhutanese Ngultrum (1 USD = 75.5550 AFN as of 8 May 2020)
Form of government		Dzongkha
Ease of doing business by World Bank		# 89 out of 190 in 2020 (↓8)
Logistics Performance Index by World Bank		# 146 out of 160 in 2018

Major merchandise exports (% of total, 2018*)		Major merchandise imports (% of total, 2018*)
Ferro silicon (31.5%)		Diesel (11.1%)
Electricity (25.5%)		Ferrous products (3.6%)
Stone boulders (5.1%)		Petrol (3.3%)

Top three export markets (% of total, 2018*)		Top three import markets (% of total, 2018*)
India (52.1%)		India (83.5%)
Bangladesh (14.4%)		South Korea (2.3%)
Italy (2.2%)		China (2.3%)

* Most recent data available
Source: Economist Intelligence Unit (EIU), World Trade Organisation (WTO)

Political Highlights

Economic Trend

*Estimate ^Forecast
Source: International Monetary Fund (IMF)

Hong Kong – Bhutan Trade

Source: Census and Statistics Department of Hong Kong

Total exports from Hong Kong to Bhutan increased by 162.9% from HK$11.3 million in 2018 to HK$29.8 million in 2019. The top three export categories to Bhutan were: (1) telecommunications and sound recording and reproducing apparatus and equipment (+65.1%), (2) electrical machinery, apparatus and appliances and electrical parts thereof (+195.9%), and (3) office machines and automatic data processing machines (-36.0%), which represented 58.6% of total exports to Bhutan.

Source: Census and Statistics Department of Hong Kong

HKECIC Underwriting Experience

The Hong Kong Export Credit Insurance Corporation (HKECIC) imposes no restrictions on covering Bhutan buyers.
In the past 12 months (from May 2019 to April 2020), there was no insured business on Bhutan.

Please click here to download the charts (PDF format).

Last update: 8 May 2020

05.05.2020

Antigua and Barbuda

Key Information

Capital		St. John’s
Population		0.09 million
Area		442.6 sq km
Currency		East Caribbean Dollar (1 USD = 2.70248 XCD as of 5 May 2020)
Official language		English
Ease of doing business by World Bank		# 113 out of 190 in 2020 (↓5)

Top three export countries (% of total, 2018*)		Top three import countries (% of total, 2018*)
USA (22.4%)		USA (42.8%)
United Arab Emirates (17.8%)		Japan (12.5%)
European Union (14.3%)		European Union (10.2%)

*Most recent data available
Source: Economist Intelligence Unit (EIU), World Trade Organisation (WTO)

Political Highlights

Economic Trend

*Estimate ^Forecast
Source: International Monetary Fund

HKECIC Underwriting Experience

The Hong Kong Export Credit Insurance Corporation (HKECIC) offers coverage on Antigua and Barbuda’s buyers with payment terms in Irrevocable Letter of Credit (ILC). In the past 12 months (from May 2019 to April 2020), there was no insured business on Antigua and Barbuda.

Please click here to download the charts (PDF format).

Last update: 5 May 2020

27.04.2020

Bolivia

Key Information

Capital		Sucre (constitutional capital), La Paz (administrative capital)
Population		11.4 million
Area		1,100,000 sq km
Currency		Boliviano (1 USD = 6.87771 BOB as of 27 April 2020)
Official language		Spanish
Ease of doing business by World Bank		# 150 out of 190 in 2020 (↑6)
The Global Competitiveness Index by the World Economic Forum		# 107 out of 141 in 2019 (↓2)
Logistics Performance Index by World Bank		# 131 out of 160 in 2018

Top three export markets (% of total, 2018*)		Top three import markets (% of total, 2018*)
Brazil (19.0%)		China (20.7%)
Argentina (16.0%)		Brazil (16.1%)
European Union (8.7%)		European Union (13.7%)

*Most recent data available
Source: Economist Intelligence Unit (EIU), World Trade Organisation (WTO)

Political Highlights

Economic Trend

* Forecast ^ Estimate
Source: Economist Intelligence Unit

Hong Kong – Bolivia Trade

Source: Census and Statistics Department of Hong Kong

Total exports from Hong Kong to Bolivia decreased by 38.1% from HK$303 million in 2018 to HK$ 188 million in 2019. The top three export categories to Bolivia were: (1) telecommunications and sound recording and reproducing apparatus and equipment (-43.8%), (2) electrical machinery, apparatus and appliances and electrical parts thereof (+22.7%), and (3) office machines and automatic data processing machines (-68.3%), which represented 72.9% of total exports to Bolivia.

Source: Census and Statistics Department of Hong Kong

HKECIC Underwriting Experience

The Hong Kong Export Credit Insurance Corporation (HKECIC) imposes no restrictions on covering Bolivian buyers.
The Corporation’s underwriting experience on Bolivia has been satisfactory with no claim payment or payment difficulty case reported during the past 12 months (from April 2019 to March 2020).

Please click here to download the charts (PDF format).

Last update: 27 April 2020

14.01.2020

Papua New Guinea

Key Information

Capital		Port Moresby
Population		7.03 million
Area		462,840 sq km
Currency		Kina (1 PGK = 0.2935 USD as of 14 Jan 2020)
Official language		Tok Pisin, English and Hiri Motu
Form of government		Constitutional Monarchy
Ease of doing business by World Bank		#108 out of 190 in 2019 (↑1)
Logistics Performance Index by World Bank		# 148 out of 160 in 2018

Top three export markets (% of total, 2018)		Top three import markets (% of total, 2018)
Australia (19.5%)		Australia (34.0%)
Singapore (17.7%)		China (16.5%)
China (16.8%)		Singapore (11.1%)

Source: Economist Intelligence Unit

Political Highlights

PPapua New Guinea is a constitutional monarchy. Queen Elizabeth II is the head of state, represented by the governor-general, Robert Dadae, who is nominated by the national parliament. The country has three levels of government - national, provincial and local. The prime minister is the head of government. James Marape replaced Peter O’Neill as Primer Minister in May 2019 following O’Neill’s resignation. The national legislature is a unicameral national parliament with 111 members elected for five-year terms. The next parliamentary poll is scheduled to be held in 2022.

Economic Trend

* Forecast ^ Estimate
Source: Economist Intelligence Unit

Papua New Guinea is highly reliant on the resources industry, particularly in oil, gas and gold. The economic growth slowed sharply in 2018 which reflected the shut down of its natural gas processing plant after a powerful 7.5 magnitude earthquake in February 2018. The government has prioritized the development of the agricultural sector but the sector will continue to be constrained by the country’s vulnerability to extreme weather events, periodic drought, as well as lack of infrastructure in rural areas. Meanwhile, the country maintains years of current-account surplus. Its foreign-exchange reserves increased to US$2.2 billion by end-2018, from US$1.7 billion a year earlier. In February 2019, Moody’s changed the rating outlook on Papua New Guinea's issuer ratings to stable from negative and affirmed the “B2” issuer and senior unsecured ratings. The change of outlook reflects the constraints on government liquidity will continue to ease. In particular, the continuation of the government's strategy to use proceeds from foreign-currency denominated commercial and concessional borrowings to repay short-term and high cost domestic debt will reduce refinancing risk.

Hong Kong – Papua New Guinea Trade

Source: Census and Statistics Department of Hong Kong

Total exports from Hong Kong to Papua New Guinea decreased by 8.2% from HK$229.1 million in 2017 to HK$210.3 million in 2018. The top three export categories to Papua New Guinea were: (1) telecommunications and sound recording and reproducing apparatus and equipment (+0.6%), (2) office machines and automatic data processing machines (+7.0%), and (3) electrical machinery, apparatus and appliances, and electrical parts thereof (-19.3%), which represented 69.3% of total exports to Papua New Guinea.

Source: Census and Statistics Department of Hong Kong

HKECIC Underwriting Experience

The Hong Kong Export Credit Insurance Corporation (HKECIC) imposes no restrictions on covering Papua New Guinea buyers. The Corporation’s underwriting experience on Papua New Guinea has been satisfactory with one payment difficulty case reported during the past 12 months (from December 2018 to November 2019).

Please click here to download the charts (PDF format).

Last update: 14 January 2020

24.12.2019

Indonesia

Key Information

Capital		Jakarta
Population		267.0 million
Area		1,904,569 sq km
Currency		Indonesian Rupiah (1 USD = 13,978 IDR as of 23 December 2019)
Official language		Bahasa Indonesia
Form of government		Republic
Ease of doing business by World Bank		# 73 out of 190 (¯1) in 2019
The Global Competitiveness Index by the World Economic Forum		# 50 out of 141 in 2019 (¯5)
Logistics Performance Index by World Bank		# 51 out of 160 in 2018

Major merchandise exports (% of total, 2018)		Major merchandise imports (% of total, 2018)
Manufactured products (70.4%)		Raw & auxiliary materials (69.4%)
Mining & other sector products (24.5%)		Capital goods (16.3%)
Agricultural products (3.2%)		Consumer goods (13.8 %)

Top three export markets (% of total, 2018)		Top three import markets (% of total, 2018)
China (15.1%)		China (24.1%)
Japan (10.8%)		Singapore (11.4%)
USA (10.3%)		Japan (9.5%)

Source: Economist Intelligence Unit

Political Highlights

Indonesia is the fourth most populous nation in the world. It is a presidential republic wherein the president serves as both the head of state and head of government for a term of five years. Political environment has been relatively stable since the country’s first direct presidential election in 2004. The incumbent president Joko Widodo assumed office since 2014 and won his second term at the presidential election held in April 2019. The national legislative body (People's Consultative Assembly) was made up by the House of People’s Representatives (lower house) with 575 members and the Regional Representatives’ Council (upper house) with 136 members. The next elections are scheduled for 2024.embers. The next elections are scheduled for 2024.

Economic Trend

*Estimate ^Forecast
Source: International Monetary Fund (IMF)

Indonesia is the largest economy and the only G20 member in Southeast Asia. The economy has continued to perform well in recent years and stabilized at above 5% per annum, thanks to robust domestic demand which offset a decline in net exports. In 2019, the Indonesia’s central bank has cut its benchmark interest rate by four times to 5.0% In a bid to stimulate growth, adding that it would keep its policy accommodative to support economic growth in 2020. Despite ongoing global uncertainty, Indonesia’s economic outlook continues to be positive over medium term, underpinned by strong private consumption as well as infrastructure-related investment activities. Poverty reduction remains one of the biggest challenges to Indonesia. Although poverty rate has declined sharply by more than half since 1999 to 9.8% in 2018, about 25.9 million Indonesians (around 10% of the population) still live below the poverty line, according to the World Bank.

Hong Kong – Indonesia Trade

Source: Census and Statistics Department of Hong Kong

Total exports from Hong Kong to Indonesia decreased by 10.9% from HK$20,421 million in 2017 to HK$19,970 million in 2018. The top three export categories to Indonesia were: (1) telecommunications and sound recording and reproducing apparatus and equipment (-32.2%), (2) textile yarn, fabrics, made-up articles and related products (-1.2%), and (3) electrical machinery, apparatus & appliances and electrical parts thereof (-1.7%), which represented 51.2% of total exports to Indonesia.

Source: Census and Statistics Department of Hong Kong

HKECIC Underwriting Experience

The Hong Kong Export Credit Insurance Corporation (HKECIC) imposes no restrictions on covering Indonesian buyers. For 2018, the number and amount of credit limit applications on Indonesia decreased 30.4% and 86.2% respectively, while insured business increased by 6.5%. Major insured products were chemical products, clothing and plastic articles, which represented 58.8% of HKECIC’s insured business on Indonesia. The Corporation’s underwriting experience on Indonesia has been satisfactory, with one payment difficulty case and two claim payment cases reported in the past 12 months (December 2018 to November 2019).

Please click here to download the charts (PDF format).

Last update: 24 December 2019

20.12.2019

Mongolia

Key Information

Capital		Ulaanbaatar
Population		3.3 million
Area		1,566,500 sq km
Currency		Togrog (1 USD = 2737.40 MNT as of 20 Dec 2019)
Official language		Mongolian
Form of government		Republic
Ease of doing business (2018) by World Bank		# 74 out of 190 in 2018 (¯12)
The Global Competitiveness Index by the World Economic Forum		# 102 out of 141 in 2019 (¯1)
Logistics Performance Index by World Bank		# 129 out of 160 in 2018

Major merchandise exports (% of total, 2018)		Major merchandise imports (% of total, 2018)
Mineral products (86.6%)		Mineral products (22.6%)
Textiles & textile articles (5.8%)		Machinery, equipment & electrical appliances (21.9%)
Natural or colored stones, precious metals & jewelry (2.1%)		Transport vehicles & spare parts (15.3%)

Top three export markets (% of total, 2018)		Top three import markets (% of total, 2018)
China (93.4%)		China (33.6%)
United Kingdom (2.5%)		Russia (29.2%)
Russia (1.2%)		Japan (9.6%)

Source: Economist Intelligence Unit

Political Highlights

Mongolia is a landlocked nation in East Asia. The President, elected to serve a four-year term by popular vote, is both the Head of State and Commander-in-Chief of the armed forces. The President appoints the Prime Minister, who is the Head of Government and serves a term of four years. The country adopts a unicameral legislative with 76 members in the State Great Khural (parliament). In 2016, the Mongolian People’s Party (MPP) won a landslide victory by securing 65 out of 76 seats in the general election. However, the MPP lost in the 2017 presidential election to the Democratic Party’s (DP) candidate Khaltmaagiin Battulga. Election for the president and parliament are due to be held in June 2020 and June 2021 respectively.

The two neighbor countries China and Russia exert significant influence over the landlocked Mongolia. With the signing of the China-Mongolia-Russia economic corridor in June 2016, which is one of the six priority corridors envisioned by China’s Belt and Road Initiative, the Sino-Mongolian relations entered a new era of economic cooperation that will be vital to the country’s economic recovery and long term stability.

Economic Trend

*Estimate ^Forecast
Source: Economist Intelligence Unit, International Monetary Fund

Mongolia possesses valuable deposits of natural resources, including coal, gold, copper and other precious metals. Economic growth is heavily reliant on its mining sector, which accounts for about 90% of the country’s exports and half of its GDP. Mongolia has experienced a sharp recovery in real GDP growth in recent years, primarily due to a combination of stronger mineral exports and a significant rise in commodity prices, as well as a ramp-up in foreign direct investment. In November 2019, S&P affirmed Mongolia’s long-term sovereign rating at 'B' with a stable outlook. The affirmation reflects S&P’s view that Mongolian government's fiscal performance continues to improve owing to higher commodity prices, expenditure discipline, and sound economic growth.

Hong Kong – Mongolia Trade

Source: Census and Statistics Department of Hong Kong

Total exports from Hong Kong to Mongolia increased by 28.1% from HK$ 248 million in 2017 to HK$ 318 million in 2018. The top three export categories to Mongolia were: (1) office machines and automatic data processing machines (-9.1%), (2) telecommunications and sound recording and reproducing apparatus and equipment (+103.1%), and (3) beverages (+58.6%), which represented 74.9% of total exports to Mongolia.

Source: Census and Statistics Department of Hong Kong

HKECIC Underwriting Experience

The Hong Kong Export Credit Insurance Corporation (HKECIC) imposes no restrictions on covering Mongolian buyers. The Corporation’s underwriting experience on Mongolia has been satisfactory with no claim payment or payment difficulty case reported during the past 12 months (from December 2018 to November 2019).

Please click here to download the charts (PDF format).

Last update: 20 December 2019

09.12.2019

Solomon Islands

Key Information

Capital		Honiara
Population		0.66 million
Area		28,896 sq km
Currency		Solomon Islands dollar (1 SBD = 0.1248 USD as of 9 December 2019)
Official language		Melanesian pidgin, English
Form of government		Constitutional Monarchy
Ease of doing business by World Bank		# 115 out of 190 in 2019 (↓1)
Logistics Performance Index by World Bank		# 104 out of 160 in 2018

Top three export markets (% of total, 2018)		Top three import markets (% of total, 2018)
China (67.4%)		China (22.7%)
Italy (7.3%)		Australia (18.2%)
India (5.1%)		Malaysia (12.0%)

Source: Economist Intelligence Unit (EIU)

Political Highlights

Solomon Islands became a member of the Commonwealth in 1978. It is a constitutional monarchy, with Queen Elizabeth II as head of state, represented by Governor-General, who must be a citizen of the country and is elected by Parliament. In July 2019, David Vunagi replaced Frank Kabui as the Governor-General following Kabui’s completion of his second term in office. The national legislature is unicameral, with 50 seats elected by universal suffrage for a four year term. In April 2019, Manasseh Sogavare was elected as the prime minister. He heads the Democratic Coalition for Advancement government, which is a four-party group comprising of the Democratic Alliance Party, Our Party (led by Mr Sogavare), the Kadere Party and the Peoples First Party. The four parties hold only 12 seats in parliament, but together with the support from independent legislators, the coalition government has total support of 33 members in the parliament. The next parliamentary election is scheduled for early 2023.

Economic Trend

* Forecast
Source: International Monetary Fund (IMF)

Solomon Islands is rich in undeveloped mineral resources such as lead, zinc, nickel, and gold, while most of the manufactured goods and petroleum products must be imported. A large portion of population relies on agriculture, fishing, and forestry for its livelihood. Australia and New Zealand are the major providers of security, technical and financial support to the Solomon Islands. The country’s future economic growth will be supported by infrastructure development, investment in expansion of tuna processing and telecommunication sector, and construction of the Tina River hydropower project backed by the Australian government.

Hong Kong – Solomon Islands Trade

Source: Census and Statistics Department of Hong Kong

Total exports from Hong Kong to Solomon Islands increased by 27.0% from HK$62.6 million in 2017 to HK$79.5 million in 2018. The top three export categories to Solomon Islands were: (1) power generating machinery and equipment (+182.8%), (2) telecommunications and sound recording and reproducing apparatus and equipment (-36.7%), and (3) articles of apparel and clothing accessories (+185.4%), which represented 75.3% of total exports to Solomon Islands.

Source: Census and Statistics Department of Hong Kong

HKECIC Underwriting Experience

The Hong Kong Export Credit Insurance Corporation (HKECIC) imposes no restrictions on covering buyers in Solomon Islands. In the past 12 months (December 2018 to November 2019), there was no insured business on Solomon Islands.

Please click here to download the charts (PDF format).

Last update: 9 December 2019

09.12.2019

Lesotho

Key Information

Capital		Maseru
Population		1.96 million
Area		30,355 sq km
Currency		Basptho Loti (1 LSL = 0.06839 USD as of 9 December 2019)
Official language		Sotho, English
Form of government		Constitutional Monarchy
Ease of doing business by World Bank		# 106 out of 190 in 2019 (↓2)
The Global Competitiveness Index by the World Economic Forum		# 131 out of 141 in 2019 (↓1)
Logistics Performance Index by World Bank		# 139 out of 160 in 2018

Major merchandise exports (% of total, 2018)		Major merchandise imports* (% of total)
Clothing (41.2%)		-
Diamonds (39.8%)		-
Other (8.7%)		-

Top three export markets (% of total, 2018)		Top three import markets (% of total, 2018)
US (32.6%)		South Africa (87.5%)
Belgium (31.5%)		China (4.3%)
South Africa (23.9%)		India (2.1%)

*Data was unavailable
Source: Economist Intelligence Unit (EIU)

Political Highlights

The Kingdom of Lesotho (Lesotho) became members of the Commonwealth in 1966. It is a constitutional monarchy. The King’s functions are largely ceremonial. Motsoahae Thomas Thabane is the Prime Minister and acts as the Head of Government. The national legislature is a bicameral parliament comprises of a 120 members National Assembly with 80 members elected directly and 40 members elected by proportional representation, and a 33 non-elected member Senate with 22 traditional chiefs and 11 members whom are nominated by the King on the advice of the Prime Minister. The ruling coalition led by Thabane’s All Basotho Convention (ABC), enjoys only a slim majority of three seats. The next general election is due in 2022.

Economic Trend

*Forecast
Source: Economist Intelligence Unit

Lesotho is a landlocked country that is entirely surrounded by South Africa. The Lesotho’s economy is mainly based on water sold to South Africa and exported diamonds. Other economic activities include manufacturing, preliminary in garment, agriculture, and livestock. Approximate half of the population earns a living through livestock or crop cultivation, while Lesotho also depends heavily on remittance from those working in South Africa. The economic growth in 2019-2020 will be constrained by a downturn in the mining sector, especially low price of diamond, and continued sluggish economic growth in South Africa, which Lesotho has close economic ties.

Hong Kong – Lesotho Trade

Source: Census and Statistics Department of Hong Kong

Total exports from Hong Kong to Lesotho increased by 14.0% from HK$72.9 million in 2017 to HK$83.2 million in 2018. The top three export categories to Lesotho were: (1) textile yarn, fabrics, made-up articles, and related products (-15.0%), (2) telecommunications and sound recording and reproducing apparatus and equipment (+507.7%), and (3) office machines and automatic data processing machines (+14,141.1%), which represented 53.1% of total exports to Lesotho.

Source: Census and Statistics Department of Hong Kong

HKECIC Underwriting Experience

The Hong Kong Export Credit Insurance Corporation (HKECIC) imposes no restrictions on covering buyers in Lesotho. In the past 12 months (December 2018 to November 2019), there was no insured business on Lesotho.

Please click here to download the charts (PDF format).

Last update: 9 December 2019

09.12.2019

Maldives

Key Information

Capital		Male
Population		0.39 million
Area		298 sq km
Currency		Maldivian Rufiyaa (midpoint of exchange rate is 12.85 MVR per USD and the rate is permitted to fluctuate within a ±20% band)
Official language		Dhivehi
Form of government		Presidential Republic
Ease of doing business by World Bank		# 139 out of 190 in 2019 (↓3)
Logistics Performance Index by World Bank		# 86 out of 160 in 2018

Top three export markets (% of total, 2018)		Top three import markets (% of total, 2018)
Thailand (36.2%)		UAE (18.0%)
Germany (12.7%)		China (16.6%)
UK (9.2%)		Singapore (12.6%)

Source: Economist Intelligence Unit (EIU)

Political Highlights

The country is a presidential republic where the president is both head of government and head of state. The country has been in turmoil under the administration of Yameen, who made intense spending on infrastructure and ordered a state of emergency in February 2018 and jailed opponents across the legislative and judiciary. Meanwhile, Yameen lost surprisingly in his re-election bid in September 2019 and initially conceded defeat in June 2018. His only challenger, Ibrahim Mohamed Solih of the Maldivian Democratic Party (MDP), was elected as the President of the Maldives. The national legislature is a unicameral parliament with 87 members. In April 2019, Solih's MDP, which leads the governing coalition, secured a sweeping majority with 65 seats in the parliamentary election. The government will pursue policies designed to put the country's public finances back on a more sustainable footing after previous government intense spending. The next presidential and parliamentary elections are scheduled for September 2023 and April 2024 respectively.

Economic Trend

* Forecast
Source: International Monetary Fund (IMF)

Maldives is a small geographically dispersed archipelago island nation with limited natural resources. It is mainly reliant on tourism and fishing. The tourism sector accounts for nearly 25% of total GDP and its high-end tourism has propelled the economy’s strong expansion over recent decades. However, under the Yameen’s administration, the surge in infrastructure investment led to high and rising government debts. The continuous current account deficit was attributed to wide merchandise trade deficit mainly related to construction-related imports. In November 2019, Moody's affirmed Maldives' B2 sovereign rating and maintained the negative outlook. The rating affirmation reflects Maldives' competitive tourism sector and more stable political environment, balanced by the country’s weak institutional strength. The decision to maintain the negative outlook reflects the country's continued fiscal weaknesses and fragile external position that put pressure on macroeconomic stability.

Hong Kong – Maldives Trade

Source: Census and Statistics Department of Hong Kong

Total exports from Hong Kong to Maldives increased by 54.3% from HK$113 million in 2017 to HK$175 million in 2018. The top three export categories to Maldives were: (1) office machines and automatic data processing machine (+1,802.9%), (2) telecommunications and sound recording and reproducing apparatus and equipment (-4.6%), and (3) electrical machinery, apparatus and appliances, and electrical parts thereof (+22.2%), which represented 70.9% of total exports to Maldives.

Source: Census and Statistics Department of Hong Kong

HKECIC Underwriting Experience

The Hong Kong Export Credit Insurance Corporation (HKECIC) imposes no restrictions on covering buyers in Maldives. In the past 12 months (from December 2018 to November 2019), there was no claim payment or payment difficulty case reported.

Please click here to download the charts (PDF format).

Last update: 9 December 2019

03.12.2019

Comoros

Key Information

Capital		Moroni
Population		0.8 million
Area		2,235 sq km
Currency		Comorian Franc (1 KMF = 0.00225 USD as of 22 November 2019)
Official language		Arabic, French and Shikomoro
Form of government		Federal Islamic Republic
Ease of doing business by World Bank		# 164 out of 190 in 2019 (↓6)
Logistics Performance Index by World Bank		# 107 out of 160 in 2018

Major merchandise exports (% of total, 2017*)		Major merchandise imports (% of total, 2017*)
Cloves (21.6%)		Petrolem products (58.0%)
Ylang-ylang (8.3%)		Venicles and spare parts (38.3%)
Vanilla (4.1%)		Rice (29.9%)

Top three export markets (% of total, 2018)		Top three import markets (% of total, 2018)
France (48.1%)		UAE (30.6%)
India (13.8%)		France (15.9%)
Germany (5.7%)		China (12.5%)

*Most recent data available
Source: Economist Intelligence Unit (EIU)

Political Highlights

Union of the Comoros (Comoros) is a Federal Islamic republic with its legal system based on the Napoleonic code and sharia (Islamic law). The president is the Head of State, directly elected by simple majority popular vote in 2 rounds for a 5-year term. In March 2019, Colonel Azali Assoumani was re-elected as president for a second consecutive term following a constitutional changes in 2018 that allowed for a renewable term. The country consists of three islands, Grande Comore, Anjouan and Moheli. Each island has their own parliament, while the country’s national legislature is a 33-members parliament with 24 members elected by direct universal suffrage and 9 members appointed by the three islands. The next legislative election is scheduled for 2020.

Economic Trend

* Forecast
Source: International Monetary Fund (IMF)

Comoros is one of the world’s smallest economies with few natural resources. France as the country’s former colonialist, remains as a key trading partner and bilateral donor. The country’s agriculture sector, including fishing, hunting, and forestry, accounts for about 50% of GDP and employs a majority of the working population. The economy was hit by Cyclone Kenneth in April 2019, causing widespread destruction, primarily on the agricultural sector. In July 2019, International Monetary Fund (IMF) approved an emergency financial assistance of about US$12.3mn for Comoros to facilitate rehabilitation. The economy is expected to pick up in 2020 as a result of recovery in agricultural sector, as well as a project funded by the African Development Bank for construction of new generators and the rehabilitation of thermal power plants that will spur the industrial and services sectors.

Hong Kong – Comoros Trade

Source: Census and Statistics Department of Hong Kong

Total exports from Hong Kong to Comoros increased by 657.8% from HK$2.8 million in 2017 to HK$21.4 million in 2018. The top three export categories to Comoros were: (1) telecommunications and sound recording and reproducing apparatus and equipment (+496.2%), (2) office machines and automatic data processing machines (nil in last year), and (3) electrical machinery, apparatus and appliances, and electrical parts thereof (nil in last year), which represented 99.6% of total exports to Comoros.

Source: Census and Statistics Department of Hong Kong

HKECIC Underwriting Experience

The Hong Kong Export Credit Insurance Corporation (HKECIC) imposes no restrictions on covering buyers in Comoros. In the past 12 months (December 2018 to November 2019), there was no insured business on Comoros.

Please click here to download the charts (PDF format).

Last update: 3 December 2019

22.11.2019

Benin

Key Information

Capital		Porto-Novo
Population		11.3 million
Area		112,622 sq km
Currency		CFA franc (fixed to the euro at 1 EUR = 655.957 XAF)
Official language		French
Form of government		Unitary Republic
Ease of doing business by World Bank		# 153 out of 190 in 2019 (↓2)
The Global Competitiveness Index by the World Economic Forum		# 125 out of 141 in 2019 (↓2)
Logistics Performance Index by World Bank		# 76 out of 160 in 2018

Major merchandise exports (% of total, 2017*)		Major merchandise imports (% of total, 2017*)
Agricultural products (15.7%)		Agricultural products (44.2%)
Manufactured goods (4.4%)		Manufactured goods (32.5%)
Fuels and mining products (1.3%)		Fuels and mining products (17.2%)

Top three export markets (% of total, 2018)		Top three import markets (% of total, 2018)
Bangladesh (7.7%)		Thailand (14.0%)
India (6.2%)		India (12.1%)
Vietnam (3.4%)		Togo (9.3%)

*Most recent data available
Source: Economist Intelligence Unit (EIU), World Trade Organisation (WTO)

Political Highlights

Benin is a unitary republic. The president is the head of the state, elected by universal suffrage for a maximum of two terms. The national legislature is a national assembly with 83 seats, elected by universal suffrage for a four-year term. In 2018, President Patrice Talon strengthened his grap of power by co-opting with the Constitional Court to create a special court, that prosecute his political rivals and push forward his legislation. In addition, the country’s electoral commission declared that only two parties that were loyal to President Patrice Talon were eligible to contest seats in the National Assembly. These ultimately prompted a mass boycott of the election and in the end, less than 23% of all registered voters cast their ballots. The next presidential and legislative elections are scheduled for 2021 and 2024 respectivel.

Economic Trend

* Forecast
Source: International Monetary Fund (IMF)

Benin is a free market economy with cotton as its key export commodity. The economy grew by 6.7% in 2018 as a result of improved performance in agriculture, particularly in cotton, industrial sector, driven by cotton ginning plants, and building and public works sector. The country’s future growth will be underpinned by strong port activity, firm growth in agriculture and high private investment, as well as the lagged effect of recent large public investment in infrastructure. In November 2019, Nigeria, Niger and Benin agreed to set up a monitoring and patrol body to tackle smuggling, following months of border closure and dispute between the West African countries.

Hong Kong – Benin Trade

Source: Census and Statistics Department of Hong Kong

Total exports from Hong Kong to Benin increased by 82% from HK$50.3 million in 2017 to HK$90.7 billion in 2018. The top three export categories to Benin were: (1) telecommunications and sound recording and reproducing apparatus and equipment (+111.1%), (2) electrical machinery, apparatus and appliances, and electrical parts thereof (+6.3%), and (3) office machines and automatic data processing machines (+208.1%), which represented 89.7% of total exports to Benin.

Source: Census and Statistics Department of Hong Kong

HKECIC Underwriting Experience

The Hong Kong Export Credit Insurance Corporation (HKECIC) imposes no restrictions on covering buyers in Benin. In the past 12 months (November 2018 to October 2019), there was no insured business on Benin.

Please click here to download the charts (PDF format).

Last update: 22 November 2019

06.11.2019

Malaysia

Key Information

Capital		Kuala Lumpur
Population		31.8 million
Area		329,847 sq km
Currency		Malaysian Ringgit (1 MYR = 0.2409 USD as of 5 November 2019)
Official language		Bahasa Malaysia
Form of government		Federated Constitutional Monarchy
Ease of doing business by World Bank		# 15 out of 190 in 2019 (↑9)
The Global Competitiveness Index by the World Economic Forum		# 27 out of 141 in 2019 (↓2)
Logistics Performance Index by World Bank		# 41 out of 160 in 2018

Major merchandise exports (% of total, 2018)		Major merchandise imports (% of total, 2018)
Machinery & transport equipment (44.0%)		Machinery & transport equipment (43.4%)
Mineral fuels (15.6%)		Manufactured goods (11.7%)
Manufactured goods (9.2%)		Chemicals (10.8%)

Top three export markets (% of total, 2018)		Top three import markets (% of total, 2018)
Singapore (13.9%)		China (19.9%)
China (13.9%)		Singapore (11.7%)
US (9.1%)		US (7.2%)

Source: Economist Intelligence Unit (EIU)

Political Highlights

Malaysia is a constitutional monarch. The Yang di-Pertuan Agong (or the King) is the Head of State, while the king is elected by the rulers of the country’s nine states, who take turns in serving five-year terms. Pahang's Sultan Abdullah Ri'ayatuddin, was installed as Malaysia's 16th Malaysian King on 30 July 2019. In May 2018, current prime minister Mahathir Mohamad and his four parties’ alliance Pakatan Harapan (PH) won a historic victory in national elections over Barisan Nasional (BN) that has ruled the country for six decades. The national legislature is a bicameral deferral parliament comprise of 222 directly elected members in the House of Representatives (Dewan Rakyat, the lower house) and 70 members in the Senate (Dewan Negara, the upper house) with 26 elected from the state legislatures and 44 appointed by the king. The government has made its priority to cut the country’s debts and pledged to lower the cost of living by replacing the goods and services tax with a sales and services tax, subsidies applied to certain fuel types and the minimum wage is set to rise. The next general election is scheduled for 2023

Economic Trend

* Forecast
Source: Economist Intelligence Unit

Malaysia is the third largest economy in Southeast Asia. It is an export-orientated economy with exports accounting for roughly 70% of GDP. Major exports include electrical and electronics products, chemicals, machinery, appliances and manufactured metals. In terms of natural resources, Malaysia exports crude oil, liquefied natural gas, palm oil and natural rubber. The economy slowed down in 2018 due to subdued demand for the country’s largest export of electronic and electrical goods, amid US-China trade tension. Meanwhile, years of current account surplus worked as a buffer to unexpected shocks in global financial market. In July 2019, S&P affirmed Malaysia’s issuer credit rating at “A-“ with a stable outlook. The rating reflects the country's strong institutional profile, sound economic fundamentals and prudent debt management. The affirmation also shows that the increase in government’s direct debt does not affect Malaysia’s sovereign credit ratings, especially when the government’s overall debt and liabilities have been reduced.

Hong Kong – Malaysia Trade

Source: Census and Statistics Department of Hong Kong

Total exports from Hong Kong to Malaysia increased by 22.3% from HK$28.7 billion in 2017 to HK$35.1 billion in 2018. The top three export categories to Malaysia were: (1) electrical machinery, apparatus and appliances, and electrical parts thereof (+20.1%), (2) telecommunications and sound recording and reproducing apparatus and equipment (+25.7%), and (3) office machines and automatic data processing machines (+13.2%), which represented 67.6% of total exports to Malaysia.

Source: Census and Statistics Department of Hong Kong

HKECIC Underwriting Experience

The Hong Kong Export Credit Insurance Corporation (HKECIC) imposes no restrictions on covering buyers in Malaysia. For 2018, the number and amount of credit limit applications on Malaysia decreased by 8.1% and increased by 13.9% respectively, and insured business decreased by 41.6%. Major insured products were electronics, plastic articles, chemical productswhich represented 56.5% of HKECIC’s insured business on Malaysia. The Corporation’s underwriting experience on Malaysia has been satisfactory, with no payment difficulty or claim payment case reported in the past 12 months (November 2018 to October 2019).

Please click here to download the charts (PDF format).

Last update: 6 November 2019

04.11.2019

Thailand

Key Information

Capital		Bangkok
Population		68.6 million
Area		513,120 sq km
Currency		Thai Baht (1 THB = 0.03313 USD as of 31 October 2019)
Official language		Thai
Form of government		Constitutional Monarchy
Ease of doing business by World Bank		# 27 out of 190 in 2019 (↓1)
The Global Competitiveness Index by the World Economic Forum		# 40 out of 141 in 2019 (↓2)
Logistics Performance Index by World Bank		# 32 out of 160 in 2018

Major merchandise exports (% of total, 2018)		Major merchandise imports (% of total, 2018)
Machinery (44.0%)		Machinery (34.8%)
Food (12.5%)		Manufactured goods (17.3%)
Manufactured goods (12.6%)		Minerals, fuels & lubricants (16.6%)

Top three export markets (% of total, 2018)		Top three import markets (% of total, 2018)
China (11.9%)		China (19.6%)
USA (11.1%)		Japan (14.1%)
Japan (9.9%)		USA (6.6%)

Source: Economist Intelligence Unit (EIU)

Political Highlights

Thailand is a constitutional monarchy. King Maha Vajiralongkorn, officially known as King Rama X, was officially crowned in May 2019, almost three years after the death of his father King Bhumibol Adulyadej. Thailand is currently run by a military government headed by former army chief Prayuth Chan-ocha, who serves as prime minister. The national legislature is a bicameral parliament comprise of a 250-seat Senate (upper house) and a 500-seat House of Representatives (lower house) consisting 350 constituency seats and 150 party-list seats, elected democratically. In an effort to boost the country’s economic performance, the government will continue to focus on improving investment environment and pursue the public-investment drive in infrastructure.

Economic Trend

*Forecast
Source: Economist Intelligence Unit

Thailand is the second-largest economy in Southeast Asia, with export and tourism sectors together generating more than a fifth of total GDP. Economic growth accelerated since 2014 bolstered by favorable global economic conditions and a pickup in domestic investment. The country’s sustained current account surpluses and higher capital inflows over the past several years have driven an appreciation of the Thai baht and facilitated the accumulation of foreign reserves. Meanwhile, the strong currency comparing to other Asian countries has hurt the competitiveness of the country’s exports. Economic growth in 2019 is expected to slow down following a drought that affected the farming sector, as well as slowing exports. In August 2019, the government announced a US$10 billion economic stimulus package after the country reported that its economy grew just 2.3% in Q2 2019, the slowest rate in nearly five years. In July 2019, Moody’s affirmed Thailand’s Baa1 issuer and senior unsecured ratings and changed the outlook to positive from stable. The positive outlook is supported by Moody's view that, as Thailand's track record of macroeconomic stability lengthens, the government's investment in physical and human capital may raise the economy's competitiveness. This would help offset the drag on Thailand's growth potential from skills gaps and an ageing population

Hong Kong – Thailand Trade

Source: Census and Statistics Department of Hong Kong

Total exports from Hong Kong to Thailand increased by 11.9% from HK$54.1 billion in 2017 to HK$60.6 billion in 2018. The top three export categories to Thailand were: (1) telecommunications and sound recording and reproducing apparatus and equipment (+23.0%), (2) electrical machinery, apparatus and appliances, and electrical parts thereof (+11.3%), and (3) office machines and automatic data processing machines (+9.8%), which represented 63.0% of total exports to Thailand.

Source: Census and Statistics Department of Hong Kong

HKECIC Underwriting Experience

The Hong Kong Export Credit Insurance Corporation (HKECIC) imposes no restrictions on covering buyers in Thailand. For 2018, the number and amount of credit limit applications on Thailand increased by 34.4% and 62.1% respectively, while insured business decreased by 19.3%. Major insured products were electronics, furniture and cameras & optical goods, which represented 68.6% of HKECIC’s insured business on Thailand. The Corporation’s underwriting experience on Thailand has been satisfactory, with no payment difficulty or claim payment case reported in the past 12 months (November 2018 to October 2019).

Please click here to download the charts (PDF format).

Last update: 4 November 2019

15.10.2019

Vietnam

Key Information

Capital		Hanoi
Population		97.0 million
Area		331,210 sq km
Currency		Dong (1 VND = 0.00004307 USD as of 15 Oct 2019)
Official language		Vietnamese
Form of government		One-party Rule
Ease of doing business by World Bank		# 69 out of 190 in 2019 (↓1)
The Global Competitiveness Index by the World Economic Forum		# 67 out of 141 in 2019 (↑10)
Logistics Performance Index by World Bank		# 39 out of 160 in 2018

Major Merchandise Exports (% of total, 2017*)		Major Merchandise Imports (% of total, 2017*)
Manufactured goods (81.8%)		Manufactured goods (80.6%)
Agricultural products (13.8%)		Agricultural products (10.7%)
Fuels and mining products (3.0%)		Fuels and mining products (7.0%)

Top three export countries (% of total, 2018)		Top three import countries (% of total, 2018)
USA (19.7%)		China (28.3%)
China (17.3%)		South Korea (20.6%)
Japan (7.9%)		Japan (8.3%)

* Most recent data available
Source: Economist Intelligence Unit

Political Highlights

Vietnam is a one-party socialist republic. The ruling Communist Party of Vietnam (CPV) has been in power since the end of the Vietnam war in 1975. The president is the head of the state. CVP General Secretary Nguyen Phu Trong took the role of president in September 2018, following the death of former President Tran Dai Quang, making him the first person to hold both titles since the nation’s founder Ho Chi Minh in the 1960s. The national legislature is a unicameral National Assembly with 500 members typically serves a five-year term. The country has in recent years stepped up its fight against corruption with several senior government officials and executives of state-owned enterprises arrested and jailed. Vietnam,ranked 117th amongst 180 countries and territories in 2018 Corruption Perceptions Index (CPI) by Transparency International. On a diplomatic front, Vietnam has long-standing territorial disputes with China in the South China Sea which are unlikely to be resolved in near term.

Economic Trend

* Forecast
Source: Economist Intelligence Unit (EIU)

Vietnam successfully positioned itself as the main low-cost regional alternative to China for export-orientated manufacturing. The country’ competitive unit labor costs relative to peers (Malaysia, Thailand, and Indonesia) attracted strong foreign direct investments in the manufacturing industry. The country’s economic growth accelerated to 7.1% in 2018, benefitted from higher domestic demand, strong export growth and economic reforms. Vietnam is expected to remain one of the fastest-growing ASEAN economies and a regional outperformer for exports given the ongoing US-China trade conflict that have accelerated the shift of production from China to Vietnam.

Hong Kong – Vietnam Trade

Source: Census and Statistics Department of Hong Kong

Total exports from Hong Kong to Vietnam increased by 4.5% from HK$79.6 billion in 2017 to HK$83.2 billion in 2018. The top three export categories to Vietnam were: (1) electrical machinery, apparatus and appliances, and electrical parts thereof (+21.3%), (2) telecommunications and sound recording and reproducing apparatus and equipment (-25.3%), and (3) textile yarn, fabrics, made-up articles, and related products (-1.5%), which represented 47.8% of total exports to Vietnam.

Source: Census and Statistics Department of Hong Kong

HKECIC Underwriting Experience

The Hong Kong Export Credit Insurance Corporation (HKECIC) imposes no restrictions on covering buyers in Vietnam. For 2018, the number and amount of credit limit applications on Vietnam decreased by 13.6% and 9.8% respectively, and insured business decreased by 4.9%. Major insured products were electronics, electrical appliance and textiles, which represented 74.1% of HKECIC’s insured business on Vietnam. The Corporation’s underwriting experience on Vietnam has been satisfactory, with no payment difficulty or claim payment case reported in the past 12 months (October 2018 to September 2019).

Please click here to download the charts (PDF format).

Last update: 15 October 2019

14.10.2019

Cambodia

Key Information

Capital		Phnom Penh
Population		16.2 million
Area		81,035 sq km
Currency		Cambodian Riel (1 KHR = 0.000244 USD as of 14 Oct 2019)
Official language		Khmer
Form of government		Constitutional Monarchy
Ease of doing business (2018) by World Bank		# 138 out of 190 in 2019 (↓3)
The Global Competitiveness Index by the World Economic Forum		# 106 out of 141 in 2019 (↑4)
Logistics Performance Index by World Bank		# 98 out of 160 in 2018

Major Merchandise Exports (% of total, 2017*)		Major Merchandise Imports (% of total, 2017*)
Manufactured goods (92.6%)		Manufactured goods (70.8%)
Agricultural products (6.5%)		Fuels and mining products (10.6%)
Fuels and mining products (0.2%)		Agricultural products (8.1%)

Top three export countries (% of total, 2018)		Top three import countries (% of total, 2018)
USA (21.9%)		China (37.0%)
Japan (7.7%)		Singapore (16.0%)
China (7.6%)		Thailand (14.6%)

* Most recent data available
Source: Economist Intelligence Unit (EIU), World Trade Organisation (WTO)

Political Highlights

Cambodia is a constitutional monarchy. The King is the Head of the State and Prime Minister is the Head of Government. The national legislature is a bicameral parliament consists of 125-seat National Assembly (lower house) and 62-seat Senate (upper house). Prime Minister Hun Sen has been ruling Cambodia since 1985 and his Cambodian People’s Party (CPP) maintains firm grip of power. The Cambodia National Rescue Party (CNRP), the main opposition party, has been dissolved by the Supreme Court in November 2017 for allegedly plotting to overthrow Hun Sen’s government. In February 2018, the CPP swept the country’s Senate election by winning all 58 elected seats, further entrenching the dominance of the CPP. In the July 2018 general election, the CPP secured all of the seats in the lower house. Hun Sen and CPP’s political scene remained unimped. Hun Sen expressed his desire to remain in power at least until the 2028 election. The next general election is due to be held in 2023.

Economic Trend

* Forecast
Source: International Monetary Fund (IMF)

Since the late 1990s, Cambodia’s open door policy to investors and structural support from the international community have led to economic expansion of roughly 7% per annum. Economic growth has been driven by garments and footwear exports, tourism as well as real estate and construction activities. The Cambodian monthly minimum wage in the garment sector has surged from US$140 in Janurary 2016 to US$182 in Janurary 2019, and is set to rise to US$190 from Janurary 2020. Though there was a declining competitiveness in the garment industry, the country’s economic growth will remain relatively robust, averaging 6.3% a year in 2020-24. In October 2019, Moody’s affirmed Cambodia’s long-term issuer rating at B2 and maintained its stable outlook. The rating is supported by its robust GDP growth prospects, modest and highly affordable government debt, and low external vulnerabilities. Meanwhile, slowing growth in China could also present spillover risks for Cambodia, due to its deep economic and financial linkages with the country.

Hong Kong – Cambodia Trade

Source: Census and Statistics Department of Hong Kong

Total exports from Hong Kong to Cambodia increased by 5.9% from HK$7.1 billion in 2017 to HK$7.6 billion in 2018. The top three export categories to Cambodia were: (1) textile yarn, fabrics, made-up articles, and related products (+1.9%), (2) telecommunications and sound recording and reproducing apparatus and equipment (-9.2%), and (3) articles of apparel and clothing accessories (-6.6%), which represented 62.4% of total exports to Cambodia.

Source: Census and Statistics Department of Hong Kong

HKECIC Underwriting Experience

The Hong Kong Export Credit Insurance Corporation (HKECIC) offers coverage on Cambodia buyers with payment terms in Irrevocable Letter of Credit (ILC). In the past 12 months (from October 2018 to September 2019), there was no insured business on Cambodia.

Please click here to download the charts (PDF format).

Last update: 14 October 2019

04.10.2019

Singapore

Key Information

Capital		Singapore City
Population		5.6 million
Area		719 sq km
Currency		Singapore dollar (1 USD = 1.3817 SGD as of 4 October 2019)
Official language		Mandarin, English, Malay and Tamil
Form of government		Parliamentary Democracy
Ease of doing business (2018) by World Bank		# 2 out of 190 in 2019 (-)
The Global Competitiveness Index by the World Economic Forum		# 2 out of 140 in 2018 (-)
Logistics Performance Index by World Bank		# 7 out of 160 in 2018

Major Merchandise Exports (% of total, 2018)		Major Merchandise Imports (% of total, 2018)
Machinery & transport equipment (47.5%)		Machinery & transport equipment (46.2%)
Mineral fuels (18.6%)		Mineral fuels (23.8%)
Chemicals & chemical products (14.3%)		Chemicals & chemical products (8.1%)

Top three export countries (% of total, 2018)		Top three import countries (% of total, 2018)
China (12.3%)		China (13.4%)
Hong Kong (11.8%)		Malaysia (11.6%)
Malaysia (10.9%)		U.S. (11.4%)

Source: Economist Intelligence Unit (EIU), World Trade Organisation (WTO)

Political Highlights

Singapore is parliamentary democracy, with an elective, non-executive presidency. The president, PAP-endorsed candidate Halimah Yacob, was elected for a six-year term in September 2017. The Prime Minister Lee Hsien Loong is the leader of the majority People's Action Party (PAP) in parliament. The governing PAP has been in power since 1959 and is currently preparing for a leadership transition, which involves younger leaders from the fourth generation taking over central positions in the party and government. The legislature is a unicameral parliament consisting of 89 elected members. 13 members of parliament (MPs) are directly elected from single-member constituencies, and 76 are elected in teams of 4-6 to represent the 15 group-representation constituencies. The next general election is scheduled for January 2021, and the next presidential election is scheduled for 2023.

Economic Trend

^Estimate *Forecast
Source: International Monetary Fund (IMF)

Singapore is one of the world’s most business-friendly regulatory environment and is ranked among the world’s most competitive economies. Its strategic location between the East and West make it one of the world’s top transportation hubs for sea and air cargo. In the decades after independence in 1965, Singapore rapidly developed from a low-income country to a high-income country. The overall growth of the Singapore economy was 3.2% in 2018. Value-added manufacturing, particularly in the electronics and precision engineering sectors, remain key drivers of growth, as are the services sector, particularly the information and communications industries, and the finance & insurance industries. In August 2019, Fitch has affirmed Singapore's long-term foreign-currency Issuer Default Rating (IDR) at 'AAA' with a stable outlook. The rating reflects its exceptionally strong external and fiscal balance sheets, high per capita income, favorable business environment and sound macroeconomic policy framework.

Hong Kong – Singapore Trade

Source: Census and Statistics Department of Hong Kong

Total exports from Hong Kong to Singapore increased by 13.3% from HK$61.0 billion in 2017 to HK$69.2 billion in 2018. The top three export categories to Singapore were: (1) electrical machinery, apparatus and appliances, and electrical parts thereof (+12.3%), (2) telecommunications and sound recording and reproducing apparatus and equipment (+14.6%), and (3) office machines and automatic data processing machines (+18.4%), which represented 61.8% of total exports to Singapore.

Source: Census and Statistics Department of Hong Kong

ECIC Underwriting Experience

The Hong Kong Export Credit Insurance Corporation (HKECIC) imposes no restrictions on covering Singaporean buyers. For 2018, the number and amount of credit limit applications on Singapore decreased 8.2% and increased 3.0% respectively, while insured business increased by 52.4%. The Corporation’s underwriting experience on Singapore has been satisfactory, with no claim payment or payment difficulty case recorded during the past 12 months (from October 2018 to September 2019).

Please click here to download the charts (PDF format).

Last update: 4 October 2019

03.10.2019

Mali

Key Information

Capital		Bamako
Population		17.3 million
Area		1,240,190 sq km
Currency		CFA franc (pegged to the Euro at 1 EUR = 656 XAF)
Official language		French, Bambara, Fulfuldé, Songhai and Tamasheq
Form of government		Unitary republic
Ease of doing business (2018) by World Bank		# 145 out of 190 in 2019 (↓2)
The Global Competitiveness Index by the World Economic Forum		# 125 out of 140 in 2018 (↓4)
Logistics Performance Index by World Bank		# 96 out of 160 in 2018

Major Merchandise Exports (% of total, 2017*)		Major Merchandise Imports (% of total, 2017*)
Agricultural products (16.8%)		Manufactures (47.8%)
Manufactures (8.1%)		Agricultural products (15.0%)
Fuels and mining products (0.4%)		Fuels and mining products (11.5%)

Top three export countries (% of total, 2018)		Top three import countries (% of total, 2018)
Switzerland (44.2%)		Senegal (19.7%)
South Africa (25.3%)		China (16.2%)
Bangladesh (8.9%)		Côte d'Ivoire (10.8%)

* Most recent data available
Source: Economist Intelligence Unit (EIU), World Trade Organisation (WTO)

Political Highlights

Mali has been experiencing instability and conflict since the military coup in 2012. These events were followed by the deployment of French-led military forces in January 2013, which handed over to the United Nations Multidimensional Integrated Stabilization Mission in Mali (MINUSMA) in July 2014. President Ibrahim Boubacar Keïta, first elected in 2013, was re-elected for a second term in August 2018. However, anti-government sentiment has been increasing following a rise in interethnic violence between Fulani pastoralists and farming communities. The difficult security situation impacts millions of Malians, weighing on economic activity and development prospects. In September 2019, to help strengthen the resiliency of the economy, the IMF has approved financial assistance of about US$ 200 million to the country under the Extended Credit Facility (ECF).

Economic Trend

^Estimate *Forecast
Source: International Monetary Fund (IMF)

Mali is a vast and landlocked country. It is also a low-income country with an undiversified economy that is vulnerable to raw material price fluctuations. Despite the difficult security situation, the Malian economy has performed reasonably well in recent years, with real annual GDP growth averaging about 5% and inflation was contained. However, with the population expanding by about 3% annually, GDP per capita growth has been modest. In February 2019, Moody's has assigned its first-time local and foreign currency issuer ratings of B3 to the Government of Mali with a stable rating outlook. The rating reflects Mali’s very low income levels and limited diversification weigh on economic strength, while the economy continues to benefit from international financial support, in place since the political and security crisis in 2012.

Hong Kong – Mali Trade

Source: Census and Statistics Department of Hong Kong

Total exports from Hong Kong to Mali decreased by 22.8% from HK$226 million in 2017 to HK$175 million in 2018. The top three export categories to Mali were: (1) telecommunications and sound recording and reproducing apparatus and equipment (-21.3%), (2) office machines and automatic data processing machines (-33.2%), and (3) electrical machinery, apparatus and appliances, and electrical parts thereof (-54.0%), which represented 96.3% of total exports to Mali.

Source: Census and Statistics Department of Hong Kong

HKECIC Underwriting Experience

The Hong Kong Export Credit Insurance Corporation (HKECIC) offers coverage on Mali buyers with payment terms in Irrevocable Letter of Credit (ILC), with the exception of those under sanctions. In the past 12 months (from October 2018 to September 2019), there was no insured business on Mali.

Please click here to download the charts (PDF format).

Last update: 3 October 2019

30.09.2019

Austria

Key Information

Capital		Vienna
Population		8.8 million
Area		83,871 sq km
Currency		Euro (1 EUR = 1.09423 USD as of 30 September 2019)
Official language		German
Form of government		Parliamentary Republic
Ease of doing business by World Bank		# 26 out of 190 in 2019 (↓4)
The Global Competitiveness Index by the World Economic Forum		# 22 out of 140 in 2018 (↓1)
Logistics Performance Index by World Bank		# 4 out of 160 in 2018

Major merchandise exports (% of total, 2018)		Major merchandise imports (% of total, 2018)
Machinery & transport equipment (40.9%)		Machinery & transport equipment (36.6%)
Chemicals & related products (12.9%)		Chemicals & related products (13.1%)
Food, drinks & tobacco (7.2%		Mineral fuels, lubricants & related materials (7.8%)

Top three export markets (% of total, 2018)		Top three import markets (% of total, 2018)
Germany (29.5%)		Germany (40.9%)
Italy (6.4%)		Italy (6.0%)
USA (6.3%)		Switzerland (4.7%)

Source: Economist Intelligence Unit

Political Highlights

Austria is a parliamentary republic. The president is the head of the state, directly elected for a maximum of two six-year terms. Federal chancellor is the head of government appointed by the president. The national legislature is a bicameral parliament consisting of the National Council (lower house) with 183 members and the Federal Council (upper house) with 62 members. Former federal chancellor, Sebastian Kurz and his right-wing coalition government defeated by a motion of no-confidence in May 2019, as his coalition partner, the Freedom Party, became embroiled in a corruption scandal. An early general election was held in September 2019 and Kurz’s conservative Austrian People's Party won 71 out of 183 seats in parliament. Kurz will resume his job as Austria’s chancellor, but he will need coalition partners to form a new government.

Economic Trend

* Forecast ^ Estimate
Source: Economist Intelligence Unit (EIU)

Austria is an export-oriented country and its trade relations are dominated by Germany, which accounted for about a third of total imports and exports. The country is among the most advanced countries in the world in terms of its telecommunications and internet infrastructure. The economy reported a robust growth in 2016-18 but growth is expected to decelerate in 2019 owing to weaker German economy and sluggish trade growth. Meanwhile, the country has reported current account surpluses since 2002 and its GDP per capita is one of the highest in the European Union (EU). In May 2019, Fitch affirmed Austria's long-term foreign-currency Issuer Default Rating (IDR) at 'AA+' with a positive outlook. Austria's 'AA+' rating is supported by a rich, diversified, open, high-value-added economy with strong political and social institutions.

Hong Kong – Austria Trade

Source: Census and Statistics Department of Hong Kong

Total exports from Hong Kong to Austria increased by 26.3% from HK$5.03 billion in 2017 to HK$6.35 billion in 2018. The top three export categories to Austria were: (1) telecommunications and sound recording and reproducing apparatus and equipment (+75.1%), (2) electrical machinery, apparatus and appliances, and electrical parts thereof (+16.4%), and (3) articles of apparel and clothing accessories (+0.6%), which represented 71.7% of total exports to Austria.

Source: Census and Statistics Department of Hong Kong

HKECIC Underwriting Experience

The Hong Kong Export Credit Insurance Corporation (HKECIC) imposes no restrictions on covering Austria buyers. For 2018, the number and amount of credit limit applications on Austria was unchanged and increased 162.3% respectively, while insured business decreased by 7.2%. Major insured products were chemical products, clothing and electronics, which represented 53.0% of HKECIC’s insured business on Austria. The Corporation’s underwriting experience on Austria has been satisfactory, with no payment difficulty or claim payment case reported in the past 12 months (September 2018 to August 2019).

Please click here to download the charts (PDF format).

Last update: 30 September 2019

17.09.2019

Romania

Key Information

Capital		Bucharest
Population		21.5 million
Area		238,391 sq km
Currency		Romanian leu (1 RON = 0.2326 USD as of 17 Sep 2019)
Official language		Romanian
Form of government		Parliamentary republic
Ease of doing business by World Bank		# 52 out of 190 in 2019 (↓7)
The Global Competitiveness Index by the World Economic Forum		# 52 out of 140 in 2018 (-)
Logistics Performance Index by World Bank		# 48 out of 160 in 2018

Major merchandise exports (% of total, 2017*)		Major merchandise imports (% of total, 2017*)
Machinery & equipment (46.2%)		Machinery & equipment (37.3%)
Base metals & products (8.5%)		Chemicals & products (9.8%)
Textiles & products (6.4%)		Minerals & fuels (7.1%)

Top three export markets (% of total, 2018)		Top three import markets (% of total, 2018)
EU (76.7%)		EU (74.6%)
Turkey (2.9%)		China (5.3%)
USA (2.0%)		Turkey (4.4%)

* Most recent data available
Source: Economist Intelligence Unit (EIU), World Trade Organization (WTO)

Political Highlights

Romania is a parliamentary republic. The president is the head of the state elected by universal suffrage for a five-year term. With the promise to strengthen the independence of judicial system and tackle corruption, Klaus Iohannis from the National Liberal Party (NLP) won the presidential election in 2014. However, Centre-left Social Democratic Party (PSD) and coalition partner Alliance of Liberals and Democrats (ALDE) are the main parliamentary and governing party and it won the parliamentary elections in 2016. There were waves of anti-government protests in between 2017-19, on reforming the judicial laws and criminal codes proposed by PSD and voted in the Parliament, that weakens the effectiveness and independence of the judiciary. After two PSD-backed Prime Ministers stepped down in one year, the President appointed Viorica Dancila, who also ties with PSD, as prime minister in January 2018, but the political and social environment remained tense. Romania joined the EU on 1 Janurary 2007 but it is not yet a member of the euro area. The government has targeted to adopt the euro by 2024 once it fulfils the necessary conditions in public finances, price stability, exchange rate & long-term interest rate criteria, and compatible legislation. The next presidential election will be held in November 2019 while the next parliamentary election will be held at the end of 2020.

Economic Trend

* Forecast ^ Estimate
Source: Economist Intelligence Unit (EIU)

Romania is one of the largest domestic markets in east-central Europe. Supported by an increase in agricultural production, the country has achieved two major targets in 2018 with GDP increased by 4.1% to EUR 202 billion and GDP per capita equivalent to more than EUR10,000. The country becomes EU’s 15th largest economy that overtaking Portugal for the first time in decades. Romania has undertaken a strong fiscal consolidation and reduced its macroeconomic imbalances since 2010. Following years of austerity measures, the country has relaxed its fiscal policy. In May 2019, Fitch affirmed Romania’s long-term foreign and local currency issuer default ratings at “BBB-“with stable outlook. The affirmation reflects the country’s moderate levels of government debt., and GDP per capita and human development indicators were above 'BBB' category peers. There are balanced against twin budget and current accounts deficits, net external indebtedness that was higher than its rating peers and pro-cyclical fiscal policy that poses risks to macroeconomic stability.

Hong Kong – Romania Trade

Source: Census and Statistics Department of Hong Kong

Total exports from Hong Kong to Romania increased by 14.7% from HK$3,258 million in 2017 to HK$3,736 million in 2018. The top three export categories to Romania were: (1) electrical machinery, apparatus and appliances, and electrical parts thereof (+19.5%), (2) telecommunications and sound recording and reproducing apparatus and equipment (+12.5%), and (3) office machines and automatic data processing machines (-89.8%), which represented 85.0% of total exports to Romania.

Source: Census and Statistics Department of Hong Kong

HKECIC Underwriting Experience

The Hong Kong Export Credit Insurance Corporation (HKECIC) imposes no restrictions on covering Romania buyers. For 2018, the number and amount of credit limit applications on Romania decreased 57.8% and 55.0% respectively, while insured business increased by 27.8%. Major insured products were electronics, jewellery and electrical appliances, which represented 80.0% of HKECIC’s insured business on Romania. The Corporation’s underwriting experience on Romania has been satisfactory, with one payment difficulty case reported in the past 12 months (September 2018 to August 2019).

Please click here to download the charts (PDF format).

Last update: 17 September 2019

01.09.2019

Iran

Key Information

Capital		Tehran
Population		83.0 million
Area